Best answer: What is the GLBA safeguard rule?

The existing Safeguards Rule allows a covered financial institution to have one or more employees hold the responsibility for the information security program by designation. The new rule requires that a single “Qualified Individual” be solely responsible for overseeing and implementing the program.

Who does the FTC Safeguards Rule apply to?

The FTC issued a Notice of Proposed Rulemaking proposing these changes in 2019. The FTC has enforcement authority under the Safeguards Rule over financial institutions that are not banks, credit unions, insurance carriers, or SEC-registered investment advisers and investment companies.

What is the customer requirements of safeguard?

The Safeguards Rule requires companies to develop a written information security plan that describes their program to protect customer information. The plan must be appropriate to the company’s size and complexity, the nature and scope of its activities, and the sensitivity of the customer information it handles.

What are the three main security goals of the Gramm Leach Bliley Act security requirements?

OBJECTIVE OF THE PROGRAM:

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Protect the security and confidentiality of Covered Data; • Protect against anticipated threats or hazards to the security or integrity of Covered Data; and • Protect against unauthorized access to or use of Covered Data that could result in substantial harm or inconvenience to any Customer.

What is the FTC implementation of the GLBA?

FTC is proposing to amend its regulations implementing the GLBA to add specific data security requirements including encryption, access, and authentication. The FTC’s regulations apply to financial institutions not otherwise regulated by the Federal Reserve, FDIC, OCC, SEC, NCUA or state insurance authorities.

Who does Gramm-Leach-Bliley apply to?

The Gramm-Leach-Bliley Act requires financial institutions – companies that offer consumers financial products or services like loans, financial or investment advice, or insurance – to explain their information-sharing practices to their customers and to safeguard sensitive data.

What does the safeguards rule address?

Promulgated in 2002 pursuant to the Gramm-Leach-Bliley Act, the Safeguards Rule obligates covered financial institutions to develop, implement and maintain a comprehensive information security program that complies with the Rule’s requirements.

What 3 types of controls are required to safeguard customer information?

Security controls play a foundational role in shaping the actions cyber security professionals take to protect an organization. There are three main types of IT security controls including technical, administrative, and physical.

When was the Safeguards Rule originated?

The Safeguards Rule was published in the Federal Register one year ago [67 Fed Reg 36484 (May 23, 2002)] and can be found on the Federal Trade Commission Web site at http://www.ftc.gov/privacy/privacyinitiatives/safeguards.html.

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What are the two significant parts of the Gramm Leach Bliley Act?

The GLBA requires companies that qualify as “financial institutions” to take several affirmative steps in order to prevent the unauthorized collection, use, and disclosure of NPI. It imposes these obligations under two “Rules”: (i) the Privacy Rule, and (ii) the Safeguards Rule.

What is considered GLBA data?

GLBA covered information

GLBA defines covered customer information as any record containing nonpublic personal information or personally identifiable financial information about a customer of PCC – whether in paper, electronic, or other form – that is handled or maintained by or on behalf of PCC or its affiliates.

What is the FTC implementation of the GLBA quizlet?

FTC issues the Safeguards Rule to implement the GLBA info security requirements. Protect against any anticipated threats or hazards to security or integrity of cusomter info. Protect against unauthorized access to, or use of, such info that could result in harm or inconvenience.

When was the GLBA Act enacted and why?

The act was passed in late 1999 and allows banks to offer financial services previously forbidden by the Glass-Steagall Act. Under the GLBA, each manager or service-person is only allowed to sell or manage one type of financial product/instrument.