ppn…aids financial industry with GLBA and privacy compliance!

The Federal government pasted and has issued regulations which implement the Gramm-Leach-Bliley Act (GLBA) of 1999. The Act addresses many topics some of which are focused upon the protection of a client’s and customer’s financial records and financial related information including identity information.

Gramm-Leach-Bliley Act, (GLBA), 15 USC 6805

…It is the policy of the Congress that each financial institution has an affirmative and continuing obligation to respect the privacy of its customers and to protect the security and confidentiality of those customers' nonpublic personal information.

…(1) to insure the security and confidentiality of customer records and information;
(2) to protect against any anticipated threats or hazards to the security or integrity of such records; and
(3) to protect against unauthorized access to or use of such records or information which could result in substantial harm or inconvenience to any customer.

Under GLBA many of the regulations have been issued by the many Federal and state regulator organizations which are directed to oversee the implementation of GLBA defined requirements which specify the need for all parties who receive, share and/or distribute client or customer information in electronic format to assure that the information is not compromised during the data transfer or the data sharing activities.

This far-reaching mandate influences nearly every type of financial institution, including national banks, federal branches, federal agencies of foreign banks, savings associations, FDIC-insured banks, federally insured credit unions, brokers, investment companies, investment advisors and insurance companies. It also affects every major federal financial governing authority. See text of GLBA.

ppn provides every Federal agency, State agency, private bank, credit union, NASD member firm, and financial institution and organization with the capability to securely, in encrypted format, transfer and share protected financial information between authorized parties in full compliance with the GLBA and privacy requirements.

Although GLBA dramatically changed banks, credit unions and other financial services companies approach to privacy, it was only a precursor of similar legislation. The next related privacy law passed was the Sarbanes-Oxley Act, (SOX) of 2002. SOX placed additional requirements on directors and officers to report all deficiencies in internal controls, including any deficiencies related to information security and privacy controls.