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GLBA Compliance
The tech world is full of rules and regulations and the long acronyms that go along with them: PIPEDA, HIPAA, GDPR, and so many more. Depending on the industry you’re in, some of these compliance laws will have a big impact on the way you do business.
If you’re in the finance industry, GLBA compliance is one you need to have a good understanding of so you can stay on top of your company’s security.
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Understanding GLBA Compliance
The Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999, is a US law that requires financial institutions to protect the privacy of customer information.
Who Needs to Be GLBA Compliant?
The law applies to companies that offer financial products and services to consumers, including banks, credit unions, mortgage lenders, and investment firms.
These institutions must take steps to ensure the security and confidentiality of customer information, protect against unauthorized access to customer information, and provide customers with notice of their privacy rights.
Expert GLBA Compliance Services for Your Financial Firm
Being compliant with GLBA is important because a single breach can have a devastating impact on your company’s finances and reputation. Cybercriminals choose targets that will result in maximum impact and profits. As a financial company, you are a prime target.
Even the most reputable companies aren’t completely safe: In 2019, a hacker stole 100 million credit card applications and over 140,000 Social Security numbers from Capital One. While your company may not be as big of a target as a national bank, your data is just as valuable.
One of the most important aspects of protecting your firm is having a robust cybersecurity program in place. This should include measures to protect your network and data, as well as protocols for responding to incidents.
Additionally, your firm should have a compliance program in place to ensure you are meeting all the requirements of the various regulations that apply to you. This can be a complex and time-consuming process, but it is essential to protecting your business.
An experienced managed service provider like ISG can help you with both cybersecurity and compliance, providing the expertise and resources you need to keep your business safe.
How to Comply with GLBA
There are three main areas that financial institutions need to focus on to be GLBA compliant:
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Get Financial Compliance Services from ISG Today
Keeping up with all the compliance requirements for financial institutions can be a full-time job. That’s where ISG Technology comes in. We’re experts in GLBA compliance and can help your company meet all the requirements, including:
- Conducting a risk assessment
- Implementing security controls
- Creating an incident response plan
- Training employees on security procedures
Reach out to us today to learn more about our services and how we can help you protect your business.
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