Gramm-Leach-Bliley (GLBA)

The Gramm-Leach-Bliley Act of 1999, also known as The Financial Modernisation Act, details regulations that financial institutions must be adhered to, in order to protect consumers’ financial information.  The GLBA law governs all financial institutions that hold what is classed as ‘personal data’ including, insurance companies, security firms, banks, credit unions and retailers providing credit facilities.

Gramm-Leach-Bliley Rules and Provisions

The privacy requirements set out in GLBA are broken down into three distinct elements; the Financial Privacy Rule, Safeguards Rule and Pretexting Provisions.

The Financial Privacy Rule – Governs the collection of consumer’s private financial data by financial institutions, also including companies that deal which such information. It requires all financial institutions to provide privacy notices to their customers prior to the establishment of a relationship.  Such privacy notices should also detail the institutions’ information sharing practices and give consumers the right to limit the sharing of their information in certain instances.

The Safeguards Rule – requires all financial institutions to record and implement a security plan that protects the confidentiality of their customer’s personal data.

The Pretexting Provisions – Pretexting refers to the use of unsolicited means, in order to gain access to non-public, personal information e.g. impersonating an account holder on the phone to obtain personal details. GLBA requires those governed by the law, to implement adequate provisions to safeguard against Pretexting.

What are the implications of Gramm-Leach-Bliley in terms of File Transfer?

In order to comply with GLBA when transferring sensitive data, financial institutions must ensure that they;

  • Prevent the transmission and delivery of files and documents containing non-public personal information to unauthorised recipients.
  • Document delivery and receipt is enforced through enterprise-defined policies.
  • Provide detailed logs and audit trails of content access, authorisation, and used.

Our specialists at Pro2col can help you to source and implement a GLBA compliant, secure file transfer solution to suit your business requirements.  Please contact Pro2col on 0333 123 1240 for more information.

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