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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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