|
Gramm-Leach-Bliley Act (GLBA)
The
Gramm-Leach-Bliley Act is US Federal legislation covering
consumer financial privacy.
Organizations that must now adhere to
GLBA regulations include banks, brokerage firms,
insurance
companies, credit card providers and any other organization that
handles or stores consumer financial information.
The GLBA
implementation deadline was 7/1/01 and requires, among other things, that:
-
Organizations
must have in place appropriate safeguards to protect the
security and integrity of private financial information.
-
Organizations
must document their policies and procedures for,
and monitor the use of, consumer financial information.
-
Senior
management of organizations who
fail to enforce confidentiality policies may be held liable
for violations.
This
means that policies controlling access to consumer financial
information in applications, databases and data warehouses
must be strictly enforced and that an audit trail of who has
accessed the information must be maintained.
Source:
National Association of Insurance Commissioners (NAIC)
|