GRAMM-LEACH-BLILEY ACT (GLBA COMPLIANCE)

 

Many companies collect personal information from their customers, including names, addresses, and phone numbers; bank and credit card account numbers; income and credit histories; and Social Security numbers. The Gramm-Leach-Bliley (GLB) Act requires companies defined under the law as “financial institutions” to ensure the security and confidentiality of this type of information. As part of its implementation of the GLB Act, the Federal Trade Commission (FTC) issued the Safeguards Rule, which requires financial institutions under FTC jurisdiction to have measures in place to keep customer information secure. But safeguarding customer information isn’t just the law. It also makes good business sense. When you show customers you care about the security of their personal information, you increase their confidence in your company. The Rule is available at ftc.gov.

 

GLBA compliance is mandatory; whether a financial institution discloses nonpublic information or not, there must be a policy in place to protect the information from foreseeable threats in security and data integrity.

 

GLBA defines financial institutions as: "companies that offer financial products or services to individuals, like loans, financial or investment advice, or insurance". The Federal Trade Commission (FTC) has jurisdiction over financial institutions similar to, and including, these:

 

  • Non-bank mortgage lenders

  • Real estate appraisers

  • Loan brokers

  • Some financial or investment advisers

  • Debt collectors

  • Tax return preparers

  • Banks

  • Real estate settlement service providers.

 

Financial Institutions and Customer Information: Complying with the Safeguards Rule

 

Under the Safeguards Rule, financial institutions must protect the consumer information they collect. Learn if your business is a “financial institution” under the Rule. If so, have you taken the necessary steps to comply?

 

 

 

Trojan Horse Security offers comprehensive  IT security solutions across all aspects of GLBA compliance including; assessing, planning, implementing, monitoring, reporting and maintaining compliance.

 

Our solutions for GLBA compliance are based on the lastest GLBA standards and years of proven experience. They integrate comprehensive processes that are designed to encompass every aspect of security planning, management, and compliance reporting.

 

Contact a specialist now to learn how Trojan Horse Security can help you  become GLBA IT Compliant.

 

Disclaimer

This Guide is not intended to serve as legal advice or as recommendations based on a provider or professional’s specific circumstances. We encourage providers and professionals to seek expert advice when evaluating the use of this Guide.