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| The Financial Modernization Act of 1999, also known as the Gramm-Leach-Bliley Act or GLB Act,
includes provisions to protect consumers' personal financial information held by financial institutions. There
are three principal parts to the privacy requirements: the Financial Privacy Rule, Safeguards Rule, and pretexting provisions.
The Financial Privacy Rule and the Safeguards Rule apply to "financial institutions," which include not only banks, securities firms, and insurance companies, but also companies providing many other types of financial products and services to consumers. The Financial Privacy Rule governs the collection and disclosure of customers' personal financial information by financial institutions. It also applies to companies, whether or not they are financial institutions, who receive such information. The Safeguards Rule requires all financial institutions to design, implement, and maintain safeguards to protect customer information. The Safeguards Rule applies not only to financial institutions that collect information from their own customers, but also to financial institutions - such as credit reporting agencies - that receive customer information from other financial institutions. The pretexting provisions of the GLB Act protect consumers from individuals and companies attempting to obtain their personal financial information under false pretenses, a practice known as pretexting. Stevens Technologies regards the Gramm-Leach-Bliley Act as an opportunity for organizations to enlist experts to guide them in promoting security in the way they handle the personal information of their clients. This not only enhances the overall effectiveness of the organization, but it also promotes confidence and trust among an organization's clients. Aligning practices with the GLB Act, therefore, is more than just compulsory; it is an important business strategy for any financial institution. Contact Stevens Technologies today to learn more about the Gramm-Leach-Bliley services we can offer you. |
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