Capabilities given to Banks
The Financial Services Modernization Act of 1999 allowed banks, insurance, and investment companies to begin offering and associating with each other’s offerings. To put it another way, banks may form insurance divisions to sell policies to their customers, and insurers may form banking divisions. Financial institutions would have to create new corporate structures to handle these activities. Banks, for example, could construct financial holding companies with divisions dedicated to nonbanking activities. Banks could also set up subsidiaries to carry out banking operations.
The law provided various constraints on the ability to incorporate subsidiaries to supply other sorts of services. The subsidiaries must keep within size limits in proportion to their parent banks. At the time the law was established, subsidiaries’ assets were limited to forty-five percent less than that of the total assets of the parent bank.
Other changes to the law affecting the financial industry included needing clear revelations on confidentiality. Clients have to be told how financial institutions would disclose potentially sensitive data about them with other persons and associates. Clients will be able to choose whether or not their confidential data is communicated with other persons.
The Goal of GLBA
The Gramm-Leach-Bliley Act‘s goal is to ensure that personal details collected from client data in print, digital, or other formats are kept secret by financial institutions and their associates. Affected businesses must follow strict data security guidelines as a result of the law. According to the law, financial companies have a legal right to honor their clients’ confidentiality and secure their personally identifiable information against unauthorized access.
Companies must adopt privacy practices and policies that outline how they obtain, sell, distribute, and otherwise utilize consumer information to comply with the Gramm-Leach-Bliley Act. Clients must also be offered a choice of deciding whether information a corporation is allowed to divulge or preserve for future use if any. As part of a comprehensively documented information security program, a related obligation oversees data storage and protection. This goal focuses on safeguarding data against “any expected threats or dangers” that could cause “significant harm or discomfort” to clients.
The PII standards of the Gramm-Leach-Bliley Act apply to any non-public private details, which is defined as data that a client may submit to support a transaction or that the institution obtains in any other way.
How does GLBA Compliance works?
The GLBA is divided into 3 parts, each of which specifies a subset of compliance rules. Following are the three parts:
Financial Privacy Rule: This regulation, commonly known as the Privacy Rule, imposes restrictions on how businesses gather and share private financial information. At the commencement of a client relationship, a company must provide “clear and prominent notice” of its privacy policy. Customers must then receive an annual notification for the duration of the partnership unless the company meets specific conditions. The Privacy Rule specifies the data to be collected, its use, the people who will have access to it, and the terms and processes used to safeguard it. As per the Fair Credit Reporting Act requirement, clients must be informed of the privacy terms once a year. When a client chooses to disclose information, the company must follow the terms of the original privacy notice.
Safeguard Rule: The Safeguard Rule, as its name suggests, focuses on steps to safeguard information security. The rule requires businesses to put administrative, physical, and technical precautions to protect against cyberattacks, email spoofing, phishing schemes, and other cybersecurity threats. The guideline also requires that a company appoint at least one person responsible for all components of the information security plan, including creation and testing regularly. Although data encryption and key management are advised as best practices, the Safeguard Rule does not necessitate them.
Pretexting Rule: This regulation is intended to prevent workers or business associates from gathering client information under pretenses, such as through social engineering. Even though the GLBA does not have explicit criteria for pretexting, prevention generally requires incorporating pretexting prevention training within the written information security policy.
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