Innovarus







Security Regulations




Graham Leach Bliley Act (GLBA)

  • Applies to: A broad list of "financial institutions", loosely defined as anyone in financial services or products in any way, such as banks, insurance agents/firms, securities firms, lenders of any type, loan brokers or servicers, financial planners, accountants, tax preparers, real estate professionals, credit counselors, debt collectors, money transfer agents, and many more.

  • Penalties, Fines: Up to $100,000 for each violation. Owners and officers personally liable up to $10,000 per violation. Severe civil and criminal penalties for fraud and negligence, including fines and even imprisonment.

  • The Graham Leach Bliley Act, also known as The Financial Modernization Act of 1999, requires businesses and organizations to protect consumers’ personal financial related information. The provisions of this law require the implementation of privacy policies and notices under the FTC's Privacy Rule, plus formalized security plans and adequate information safeguards under the FTC's Safeguard Rule. The law also includes provisions for criminal negligence Since most personal financial information is computerized, proper data security is a major part of GLBA compliance.
    GLBA gives authority to eight federal agencies and every state to enforce the privacy and safeguards rules outlined in this law.

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