What are the main security requirements of the GLBA law?
GLBA compliance requires that companies develop privacy practices and policies that detail how they collect, sell, share and otherwise reuse consumer information. Consumers also must be given the option to decide which information, if any, a company is permitted to disclose or retain for future use.
What is GLBA policy?
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 are the three arms of GLBA?
The three sections of the GLBA that cover privacy issues are the financial privacy rule, the safeguards rule, and the pretexting provisions.
What is NPI GLBA?
The GLBA defines NPI as: “Personally identifiable financial information – provided by a consumer to a financial institution, resulting from any transaction with the consumer or any service performed for the consumer; or otherwise obtained by the financial institution.”
What are principal parts of GLBA?
There are three major components of the Gramm-Leach-Bliley Act including a Financial Privacy Rule, Safeguards Rule, and Pretexting Protection.
What is considered GLBA data?
GLBA covered information GLBA defines covered customer information as any record containing nonpublic personal information or personally identifiable financial information about a customer of PCC – whether in paper, electronic, or other form – that is handled or maintained by or on behalf of PCC or its affiliates.
What is a financial institution under Gramm-Leach-Bliley?
What Is a “Financial Institution” Under GLBA? The GLBA defines “financial institutions” as companies that are “significantly engaged” in providing financial products or services — such as loans, financial or investment advice, insurance, etc. — to individual consumers or customers.
What is PII and NPI?
PII — Personally Identifiable Information. PI — Personal Information. SPI — Sensitive Personal Information. NPI — Nonpublic Personal Information.