Do I need to Worry About GLBA?
When was the last time you actually worried about the Gramm-Leach-Bliley Act in your business? You might not even know what it is. After all, the name alone is quite a mouthful. So what is the GLBA and why should it matter to you?
Simply put, GLBA is a law that requires “financial institutions” that collect personal information from their customers, including names, addresses and phone numbers; bank and credit card account numbers; income and credit histories or Social Security numbers to ensure the security and confidentiality of this type of information. The Federal Trade Commission (FTC) has been tasked with enforcing the law and issued Safeguard Rules that spell out the steps a business must follow to ensure compliance.
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