What is the GLBA ?
GLBA stands for Gramm Leach Bliley Act and is also known as the Financial Services Modernization Act of 1999. The purpose of the GLBA is to ensure, that financial institutions safeguard the confidentiality of personal information.
The Act consists of three sections, the Financial Privacy Rule, which regulates the collection and disclosure of private financial information, the Safeguards Rule, which determines that financial institutions must implement security programs to protect such information and the Pretexting provisions, which prohibit the practice of pretexting or accessing private information using false pretenses.
GLBA applies to all US businesses, regardless of size, that are “significantly engaged” in providing financial products or services to consumers. This includes many companies, which are not traditionally considered as financial institutions, such as check-cashing businesses, payday lenders, mortgage brokers, personal property or real estate appraisers and retailers that issue branded credit cards.
This solution will provide your organisation guidance on how to become GLBA compliant and stay compliant with this law.