Gramm–Leach–Bliley Act (GLBA)
Many financial institutions that offer products or services to customers like loans, insurance, investment advice tend to share the customers’ information with their business partners or affiliates. In such a regular course of business, there is a greater chance of the data or financial information misuse. To secure the private information of customers’, Gramm-Leach-Bliley Act (GLBA) which is also known as the Financial Services Modernization Act of 1999 was passed by U.S. Congress.
To comply with GLBA, a company should meet the following three rules.
The Financial Privacy Rule – regulating collection and disclosure of customers’ private financial information
The Safeguards Rule – organizations should implement programs for the security and protection of the information.
The Pretexting provisions – organizations should prohibit the practice of pretexting or access to customers’ private information by false pretense.
If you own a company that provides financial services and do not comply with GLBC, then you might be at the risk of paying huge penalties due to the lack of cyber-security.
In order your organization to deliver reliable services to your customers’, MatinQ’s cyber-security team help in event login and logout management, comprehensive monitoring, building good infrastructure, checking malicious activities, remediating customer accounts, etc. to comply with GLBA. We assist you a lot more than just mentioned.