What is the Gramm-Leach-Bliley Act (GLBA)?

The Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999, is a law passed in Washington that helps protect the privacy of customers’ financial information. This law helps to ensure that financial institutions handle the data they collect, use, and share responsibly. The GLBA requires financial institutions to explain the information they collect, how they use it, and the measures they have in place to protect it. In addition, the GLBA also sets restrictions on how companies can use and disclose customer information. Financial institutions must get customer approval before sharing their data with third parties. They must also develop a written policy for protecting customer information and must keep records of the information they collect and share with third parties. The GLBA also gives customers the right to opt-out of the sale of their information, meaning the financial institution is not allowed to share the customer’s data with unaffiliated third parties for marketing purposes. Furthermore, the GLBA requires financial institutions to provide safeguards to protect customer information, such as secure systems and encryption. Overall, the GLBA is designed to ensure that financial institutions take all necessary steps to protect customer data. By following the provisions of the law, financial institutions can help to ensure the safety and security of customers’ financial information.

Related FAQs

What is a data subject access request?
What is the Fair and Accurate Credit Transactions Act (FACTA)?
What is the Health Insurance Portability and Accountability Act (HIPAA)?
What is a Data Retention Policy?
What is the difference between a data security policy and standard?
What is meant by data security compliance?
What is data masking?
What are the implications of GDPR for international businesses?
What is the Gramm-Leach-Bliley Act (GLBA)?
What is the Right to Access personal data?

What is the Gramm-Leach-Bliley Act (GLBA)?

Related FAQs

Related Blog Posts