Question: Which law requires a safeguards rule?

GLBA Safeguards Rule Updated to Impose New Data Security Requirements. Following a 3-2 vote, the Federal Trade Commission (FTC) recently announced amendments to the Safeguards Rule under the Gramm-Leach-Bliley Act. The Safeguards Rule was first promulgated in 2002.

Which law created the Safeguards Rule?

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 does safeguards rule require?

Under the current Safeguards Rule, these financial institutions are required to develop, implement, and maintain a reasonably designed, comprehensive, written information security program with appropriate administrative, technical, and physical safeguards relating to customer information.

What is the safeguard law?

Safeguard measures restrict imports of a product temporarily if a domestic industry is seriously injured or threatened with serious injury caused by a surge in imports. The Committee on Safeguards (the Safeguards Committee) was established to administer the Safeguards Agreement. …

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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.

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.

What is the FTC Disposal Rule?

The Disposal Rule requires that persons over which the FTC has jurisdiction who maintain or otherwise possess consumer information for a business purpose properly dispose of such information by taking reasonable measures to protect against unauthorized access to or use of the information in connection with its disposal …

Which of the following are considered service providers under the Safeguards Rule select all that apply?

The FTC’s Safeguards Rule applies to non-banking financial institutions, such as check-cashing businesses, payday lenders, mortgage brokers, nonbank lenders, personal property or real estate appraisers, professional tax preparers, courier services, and credit reporting agencies.

What is GLBA designed to protect?

The GLBA requires that financial institutions act to ensure the confidentiality and security of customers’ “nonpublic personal information,” or NPI. … The Safeguards Rule states that financial institutions must create a written information security plan describing the program to protect their customers’ information.

What are the 4 safeguards?

Help your mission develop a culture of unity, obedience, compassion, caring, vigilance, and accountability so that you can all strengthen, encourage, and support one another. All missionaries should be encouraged to follow these safeguards and should feel comfortable asking for help when needed.

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What is WTO safeguard measures?

Safeguard measures

A WTO member may take a “safeguard” action (i.e., restrict imports of a product temporarily) to protect a specific domestic industry from an increase in imports of any product which is causing, or which is threatening to cause, serious injury to the industry.

What is Safeguards Agreement?

Safeguards agreements ensure that all nuclear activity a state undertakes is for peaceful purposes and that a state is not engaging in illicit nuclear activities. The International Atomic Energy Agency (IAEA), is the independent organization charged with applying safeguards.

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 type of controls are required to safeguard customer information?

The Safeguards Rule requires financial institutions to store sensitive customer information securely and ensure its secure transmission, as well as maintain programs and implement audit procedures that prevent unauthorized access and improper disclosure.

What are the federal safeguards that are in place to reduce financial reporting abuse?

A federal safeguard that is in place to reduce reporting abuse is the Chief Financial Officers Act of 1990 (CFO Act). The CFO Act lays down the foundation for the comprehensive reform of the federal financial management (Hatch, 2013, Pg. 6).