What are the safeguards rules?
Established in 2003, the Safeguards Rule sets forth the foundational requirements of an information security program that covered financial institutions must implement to protect the non-public personal information of their customers.
What are FTC Safeguards Rule?
The Safeguards Rule requires financial institutions under the FTC’s jurisdiction to implement measures to keep customer information secure and to ensure that their affiliates and service providers also safeguard customer information in their care.
What are the three main security goals of the Gramm-Leach-Bliley Act security requirements?
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.
Which of the following are requirements of the safeguard rule?
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.
When was the Safeguards Rule originated?
May 23, 2002
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 are data safeguards?
Data Safeguards means industry-standard safeguards against the destruction, loss, misuse, unauthorized disclosure, or alteration of the Court Data or Confidential Information, and such other related safeguards that are set forth in Applicable Laws, a Statement of Work, or pursuant to Court policies or procedures.
What does the Gramm-Leach-Bliley Act permit?
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 year was the Safeguards Rule originated?
What 3 types of controls are required to safeguard customer information?
The Safeguards Rule requires companies to assess and address the risks to customer information in all areas of their operation, including three areas that are particularly important to information security: Employee Management and Training; Information Systems; and Detecting and Managing System Failures.
Who does the FTC Safeguards Rule apply to?
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 are the three types of safeguards?
The HIPAA Security Rule requires three kinds of safeguards: administrative, physical, and technical.
What is the GLBA Safeguards Rule?
The GLBA Safeguards Rule requires that covered institutions create a written information security plan describing the measures taken to protect customers’ sensitive information. As part of this plan, covered institutions must: Designate one or more employees to coordinate its information security program;
When was the Gramm Leach Bliley Act passed?
ABOUT THE GLB ACT The Gramm-Leach-Bliley Act was enacted on November 12, 1999. In addition to reforming the financial services industry, the Act addressed concerns relating to consumer financial privacy.
What does the FTC’s Gramm-Leach Bliley Act mean for You?
Today, the FTC also announced it adopted largely technical changes to its authority under a separate Gramm-Leach Bliley Act rule, which requires financial institutions to inform customers about their information-sharing practices and allow customers to opt out of having their information shared with certain third parties.
What is the Gramm-Leach-Bliley Act?
The Gramm-Leach-Bliley (GLB) Act requires companies defined under the law as “financial… ABOUT THE GLB ACT The Gramm-Leach-Bliley Act was enacted on November 12, 1999. In addition to reforming the financial services industry, the Act addressed concerns relating to consumer financial privacy.