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The Act

The Gramm—Leach—Bliley Act of 1999 sets out the current structure and regulatory requirements for the financial services industry. The subject of Title V of the Act is PRIVACY. Subtitle A (Sections 501—510), “Disclosure of Nonpublic Personal Information”, places the obligation to protect nonpublic personal information on financial institutions. Section 501 contains the following provisions:

(a) PRIVACY OBLIGATION POLICY —It is the policy of the Congress that each financial institution has an affirmative and continuing obligation to respect the privacy of its customers and to protect the security and confidentiality of those customers’ nonpublic personal information.”

(b) FINANCIAL INSTITUTIONS SAFEGUARDS —In furtherance of the policy in subsection (a), each agency or authority described in section 505(a) shall establish appropriate standards for the financial institutions subject to their jurisdiction relating to administrative, technical, and physical safeguards—

(1) to insure the security and confidentiality of customer records and information;

(2) to protect against any anticipated threats or hazards to the security or integrity of such records; and

(3) to protect against unauthorized access to or use of such records or information which could result in substantial harm or inconvenience to any customer.”

How FileSECURE helps

Prudent information management includes the following:

  • Protection of personal information in primary databases from unauthorized access.
  • Control of access to information based on user need/authorization.
  • Tracking of information use and movement to support security monitoring.
  • Control of access to and dissemination of information within the enterprise even when extracted from secure data base and moved to a non-secure environment online or to off line data storage.
  • Control of access to and dissemination of information once it has been moved beyond the boundary of the enterprise (for example, to subcontractors).
  • Destruction of copies of information once need for copies no longer exist, both within and beyond the enterprise boundary.

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