Gramm-Leach-Bliley Act (GLBA) Services

Gramm-Leach-Bliley Act (GLBA)

Identify serious cyber threats and minimize total risk

The Gramm-Leach-Bliley Act (GLBA), also called the 1999 Financial Modernization Act is a US Federal Law that requires every financial organization to show how they share and protect their customers’ private data. Every financial institution must be GLBA complaint. To show compliance, the institution is required to communicate to their customers how and with whom they share the customers’ personal and financial information. They should also provide the customer with practical information on how the customer can opt out if he or she does not want his or her information shared with other third party companies. The institution is further required to apply security measures to safeguard the customer’s data.

Data protection policies of the GLBA are outlined in the Safeguards Rule, which is supplemented by additional requirements issued by the Privacy of Consumer Financial Information Rule or simply the Privacy Rule from the FTC. GLBA compliance is regulated and enforced by the FTC. An organization that fails to comply with LBA requirements can be liable for penalties which include fines of up to $100,000 for a single incidence and up to $10,000 per person for directors and officers.

At Venkon, we provide you with a cost-effective means of meeting GLBA compliance requirements.

Benefits

Benefits of Gramm-Leach-Bliley Act

Prevention of being penalized hefty fines and avoiding reputational damage that may arise from loss of private customer data

It ensures that customers’ data is kept securely and not shared with third-party companies or individuals

Compliance with the Act ensures that customers are notified in advance before their confidential information is shared with another financial institution or company

The Act ensures that a customer has the option to opt out of the institution’s confidential data sharing

It makes it possible to track user activities including all attempts to access protected data

It helps companies build and maintain stronger and more loyal relationships with their customers

It cultivates customer loyalty, boosts the company’s reputation, brings in repeat customers, and increased revenue

FAQs

Answers to your questions

01

What is GLBA?

The Gramm-Leach-Bliley Act is a Federal Law in the United States that requires all financial organizations to openly state how they share and protect the private data of their customers and other people or entities that do business with the organization. All financial institutions must comply with GLBA requirements. To demonstrate compliance, the financial institution must communicate with its customers and show them how and who the institution shared the customer’s personal and financial details with. The institution must also furnish the customer with practical information on how he or she can opt out if the customer does not want his or her personal details shared with third parties. Lastly, the institution is further required to make sure that it has the right security measures in place to safeguard the customer’s personal and financial details.

02

What are the penalties for non-compliance to GLBA requirements?

GLBA data protection policies are clearly outlined in the Act’s Safeguard Rule. This Rule is further supplemented by more requirements issued by the Privacy of Consumer Financial Information Rule also called the FTC Privacy Rule. GLBA compliance is enforced by the FTC. Any organization that does not comply with GLBA requirement is liable for penalties which include a fine of up to $100,000 for a single non-compliance incident. Officers and directors of a non-compliant organization are liable for fines up to $10,000 each.

03

How can Venkon help to achieve GLBA compliance?

Venkon gives you a cost-effective way of meeting GLBA compliance requirements. We provide our clients with the best solutions for GLBA compliance through the following ways: • Encryption. We help you to protect your customers’ private data with elevated levels of File/Volume or Field/Volume encryption. • Access control. We’ll help you control access to customer data by only decrypting data after verifying that it has been requested by an authorized user. • Security intelligence. We use intelligent Vormetric logs audit to control access to customer data.

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Gramm-Leach-Bliley Act (GLBA) Services