Complying with the Gramm-Leach-Bliley Act (GLBA)

What is the Gramm-Leach-Bliley Act (GLBA)?

The Gramm-Leach-Bliley Act (GLBA) is a federal US law requiring financial services companies to keep customer and consumer data private and secure. The GLBA affects companies that collect, use, and share personally identifiable information (PII), like banks, broker-dealers, asset managers, and insurance companies.

Companies must have robust security protocols to prevent unauthorized access, use, or disclosure of sensitive data to comply with GLBA. The GLBA requires financial services companies to give customers and consumers privacy notices explaining their data-sharing practices and allow them to opt out of certain types of data-sharing. The Securities and Exchange Commission (SEC) and the Federal Trade Commission (FTC) are regulators that enforce GLBA compliance.

Data, Data Everywhere

In today’s technology-driven world, financial institutions need help securing their data. They now attach security policies directly to the data instead of only setting access rules for systems, devices, or users. Data protection is crucial in regulated industries like financial services, where encryption safeguards against unauthorized access.

For financial institutions, audits can be frequent and disruptive. Showing compliance with an audit trail that tracks user access, data usage, and chain of custody has been crucial for CISOs. Read the ebook for an overview of how Seclore can help financial institutions prevent data theft and achieve compliance.

Trusted by Leading Financial Institutions

One of the world’s leading financial institutions needed to replace its existing “sync and share” file solution. The system lacked real-time coauthoring capability and was often offline during business hours. Users couldn’t access important files when they needed them.

Seclore helps a global financial institution securely migrate millions of documents to Microsoft 365. Learn how Seclore allowed a global financial institution to seamlessly migrate to the cloud without compromising sensitive data or customer PII.

Why Data-Centric Security for the GLBA?

The purpose of the GLBA is to ensure that financial services firms and their affiliates safeguard the confidentiality of PII data gathered from customer and consumer records in paper and electronic forms of structured and unstructured data. The law requires affected companies to comply with strict data security guidelines.

Companies need to follow GLBA rules by creating data privacy guidelines that control how client and prospect information is stored and kept safe. These guidelines explain how data is gathered, sold, shared, and reused. Companies can decide which information can be shared or kept for later use. They need a written data security policy outlining how to defend against potential threats or dangers that could hurt or trouble customers and consumers.

Comply with the GLBA using Seclore Data-Centric Security

KNOW

Know the location of sensitive customer data within the organization and prevent sensitive data leakage.

PROTECT

Protect sensitive data from unauthorized access by applying granular usage controls.

CONTROL

Track the use of information wherever it travels and automatically generate audit reports.

Achieve Compliance with the GLBA using Seclore

GLBA allows organizations to protect the confidentiality of customers’ PII gathered from various firms, in paper and electronically. Seclore embeds security controls directly into the data, making it protectable, revocable, and auditable across all devices, networks, and applications for every digital asset, no matter where it goes. Download the whitepaper to learn more about how Seclore helps enterprises easily achieve GLBA compliance.

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