ComplyAuto Teams Up with Cybersecurity Innovator Coro
LOS ANGELES, Nov. 02, 2022 (GLOBE NEWSWIRE) -- With the Federal Trade Commission's (FTC) revised Safeguards Rule going into effect on December 9, 2022, along with a host of other state data protection laws, automotive dealers across the country are being forced to ramp up their information security programs to meet strict regulatory requirements. In response, ComplyAuto today announced an exclusive partnership with Coro, an end-to-end cybersecurity platform, to become the first “all-in-one” solution to help dealers meet technical, administrative, and legal requirements of state and federal data protection laws.
“After vetting hundreds of different cybersecurity technologies and providers, Coro’s focus on reducing the barrier to entry for enterprise-level cybersecurity tools with a simple, automated, and dealer-tailored solution made it the obvious partner choice for us,” said Chris Cleveland, Co-Founder and CEO, ComplyAuto. “Until now, dealers have been forced to outsource their privacy and cybersecurity needs to numerous third parties such as attorneys, compliance firms, IT professionals, and a variety of different cybersecurity software vendors. With this unique partnership with Coro, dealers can now achieve all of this within a single pane of glass inside of ComplyAuto.”
Cleveland believes that through its partnership with Coro, ComplyAuto will be able to save dealers a significant amount of both time and money by offering a solution that combines over 10 different data protection tools in a single platform with one login. Dealers will be able to use ComplyAuto to satisfy data encryption, multi-factor authentication, 24/7 threat monitoring (EDR/MDR), penetration testing, vulnerability scanning, phishing simulations, unauthorized activity monitoring, and data leak prevention requirements.
“Coro is dedicated to providing enterprise-grade cybersecurity protection to companies in every industry regardless of their size and complexity, and with this ComplyAuto partnership we are bringing comprehensive, AI-powered cyber protection to the automotive industry,” said Guy Moskowitz, CEO, Coro. “By integrating Coro’s advanced protection for devices, users, email, networks, and cloud applications with ComplyAuto’s data privacy technology, dealerships of all sizes will finally be able to achieve top-notch protection and regulatory compliance with one comprehensive, affordable platform.”
Within the past few year, a record number of dealerships have been victims of ransomware attacks and other cybersecurity incidents. With claims rising and liability increasing due to new state and federal regulations, many cybersecurity insurance carriers are not willing to renew policies without proof that dealerships have overhauled their cybersecurity infrastructure with the tools mentioned above. Cleveland hopes that dealers that could otherwise not afford these types of tools can now use ComplyAuto to comply with the FTC Safeguards Rule, state privacy laws, and cybersecurity insurance requirements.
Moskowitz has seen small and midsize businesses increasingly become the target of sophisticated cyber crimes, and says that the typical mid-market company can expect to face thousands of cyber-attacks and regulatory violations in 2022. He believes that automotive dealerships are no different. They house a wealth of sensitive customer information, but rarely have budgets or dedicated IT departments to monitor and respond to threats and regulatory violations, and are thus often lagging in cybersecurity measures. This new partnership between Coro and ComplyAuto will empower dealers to prioritize safeguarding their business and comply with regulations.
With over 5,000 dealerships across the country entrusting ComplyAuto with their state privacy and federal information security needs, and endorsements by over 35 state auto dealer associations (including an NADA Affinity partnership), ComplyAuto has become the leader in automotive privacy and cybersecurity compliance.
“Coro will reinforce and expand ComplyAuto’s current product and service offerings so that it can become the only solution that a dealership will ever need for all of its data protection concerns,” said Cleveland.
"Cybersecurity and compliance can no longer be separated, and companies across every industry must seriously consider how to ensure their business practices comply from a cybersecurity perspective," continued Moskowitz. "Dealers need to invest in technologies that will allow them to comply with federal and state regulations because the cost of not doing so is truly high. Modern cybersecurity solutions will relieve this burden."