Blog Posts Tagged with Gramm-Leach-Bliley Act

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Updating you on FTC privacy and data security initiatives

When it comes to consumer privacy and data security, your clients and colleagues want the word on what’s been happening at the FTC – and they want it in an accessible, to-the-point format. The agency’s 2020 Privacy and Data Security Update is ready for you to read, post, and share.

Enforcement

Building on decades of experience in consumer privacy and data security enforcement, the FTC announced a number of notable cases in 2020. Here are a few highlights:

Corporate boards: Don’t underestimate your role in data security oversight

For businesses in the middle of a global pandemic, there’s no such thing as “business as usual.” The percentage of Americans working remotely has grown substantially, now reportedly up to 33% of the U.S. workforce. Accompanying that seismic shift have been increased security threats to data, with one analysis reporting that over 36 billion online records were exposed in the first half of 2020 alone. Consumers whose lives have been upended by identity theft are paying close attention to how corporations are responding.

FTC releases agenda for Safeguards Rule virtual workshop

Financial institutions collect personal information from customers every day, from names and addresses to bank account and Social Security numbers. The Gramm-Leach-Bliley Act’s Safeguards Rule requires those institutions to develop, implement, and maintain a comprehensive information security program. As part of its regulatory review process, the FTC has proposed changes to the Rule.

May 13th workshop takes a closer look at the GLB Safeguards Rule

Turning eighteen was a momentous birthday for most of us and the same could be said for the Gramm-Leach-Bliley Act’s Safeguards Rule. Finalized in 2002 and in effect since 2003, the Safeguards Rule requires “financial institutions” to develop, implement, and maintain a comprehensive information security program for handling customer information.

FTC’s Privacy & Data Security Update for 2019 – and how you can use it

To review everything the FTC did in 2019 dealing with consumer privacy and data security – Enforcement, Advocacy, Rules, Workshops, Consumer Education, Business Guidance, and International Engagement – it could take days to compile all that information. The FTC has an easier way to share those developments with your company, clients, and colleagues.

$575 million Equifax settlement illustrates security basics for your business

Patch your software. Segment your network. Monitor for intruders. According to tech experts, those are security basics for businesses of any size. But when you’re industry giant Equifax – a company in possession of staggering amounts of highly confidential information about more than 200 million Americans – it’s almost unthinkable not to implement those fundamental protections.

Data security settlement with service provider includes updated order provisions

The domino principle. The ripple effect. The butterfly phenomenon. Apply the analogy of your choice to describe what happens when one software developer’s allegedly lax security practices result in the breach of confidential customer information maintained by multiple businesses that use the software.

FTC’s 2018 Privacy & Data Security Update: What it means for your business

Looking to take a deep dive into the breadth and depth of the FTC’s approach to consumer privacy and data security in the past year? The FTC’s website, including the Business Center, has what you need. But what if you or your clients prefer an at-your-fingertips digest of developments in 2018? We’re got that covered, too.

Venmo settlement addresses availability of funds, privacy practices, and GLB

Advances in payment methods could end those open-wallet debates about who owes what for the pizza. But as innovative technologies change how people pay for things, established consumer protection principles apply. An FTC complaint against peer-to-peer payment service Venmo – now operated by PayPal – alleges that the company failed to disclose material information about the availability of consumers’ funds.

2017: The consumer protection year in review

One Direction had a hit with a song called “18,” but the FTC’s recent law enforcement and policy initiatives suggest that the agency will continue to pursue many directions in its efforts to protect consumers in ‘18. (Sorry. We’re expecting a fresh shipment of pop culture references in January.) In case you missed them – and in no particular order – here are ten FTC consumer protection topics of note from 2017.

A new model for auto dealers?

There are three letters every auto dealer should know about. GTO? XKE? Good guesses, but not what we had in mind.

We’re talking about GLB.

The Gramm-Leach-Bliley Act requires financial institutions to give their customers initial and annual notices about their privacy policies. If the company shares certain customer information with particular types of third parties, they also have to give customers the opportunity to opt out of sharing. The FTC’s Privacy of Consumer Financial Information Rule – friends call it the GLB Privacy Rule – explains the specifics.

Time 2 txt about data security basics?

53 and it’s likely to go up. That’s the number of data security law enforcement actions the FTC has settled so far. The facts of each case are different, but distilled down to the basics, they stand for one central proposition: Your company’s data security measures should be reasonable and appropriate in light of the sensitivity and amount of consumer information you have, the size and complexity of your business, and the availability and cost of tools to improve security and reduce vulnerabilities.

The long and short of it

Ahab hunts big fish.
Captain and whaling boat sink.

Ishmael prevails.

Sometimes you want to read all 209,117 words of Moby Dick.  Other times a haiku will do.  Sometimes you want an in-depth analysis of the FTC’s enforcement, rulemaking, research, education, and international efforts related to privacy and data security.  Other times a summary will suffice.

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