New Amendments to the
New Security requirements under the GLBA
The Graham-Leach-Bliley Act has recently been amended. Make sure your company is prepared for the information security requirements so you remain GLBA compliant!
GLBA CONSULTATION AND CYBERSECURITY EXPERTS
There is a lot to know about the latest GLBA guidelines. Your company needs to be secure and compliant. Contact Simpatico Systems today to let us take the stress out of becoming GLBA compliant. Our team of information security experts and consultants are here to help you with all of your GLBA compliance needs.
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Information about the Graham-Leach-Bliley Act and GLBA Compliance
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1. What is the GLBA?
The GLBA is an act passed to protect consumer privacy. It requires any business that acts as a “financial institution” to safeguard sensitive data and disclose anyu information-sharing practices to customers.
2. Who Must Comply with GLBA Requirements?
Any business that offers financial services or products to consumers. This includes but it not limited to:
- Auto dealerships or car dealerships
- Real Estate Settlers or Appraisers
- Financial Advisers or Planners
- Accountants and Tax Preparers
- Debt Collection and/or Consolidation
3. What Types of Data Does GLBA Cover?
All personally identifiable information (PII) and NPI. This covers data that could be linked to a customer through their transactional data collected by your financial institution. This includes:
- Social Security Numbers
- Credit histories and reports
- Birth dates
- Bank account information
4. What Are the Penalties for GLBA Non-Compliance?
The worst penalty would be compromising customers’ data due to a breach. This could damage a company’s reputation and cost them hundreds of thousands of dollars in lost business, not to mention time and resources.
However, there are severe criminal and civil penalties that can result from non-compliance with GLBA requirements.
- The institution is subject to a civil penalty of not more than $100,000 per violation.
- Officers of the institution are potentially subject to, and personally liable for, a civil penalty of not more than $10,000 per violation.
- The institution is also subject to fines in accordance with Title 18 of the U.S. Code, or they may face imprisonment for not more than five years or both.
5. How Should your organization Meet & Maintain GLBA Compliance?
Understand the Act and How It Applies to Your Business.
Perform a Risk Assessment.
Make Sure Effective Controls Are in Place.
Defend Against Internal Threats.
6. What Should I Do Next?
At Simpatico Systems, we understand how complex and time-consuming it can be to understand the requirements for GLBA compliance, and to get your organization GLBA compliance ready.
As GLBA and data security expert consultants, we are ready and excited to help your organization navigate the process to make GLBA compliance as pain-free as possible. Sign up for a free GLBA consultation today!