Gramm-Leach-Biley Act (GLBA)
Compliance is a chief consideration for today’s organizations. From privacy to corporate governance to business practices and standards, regulation impacts so many aspects of corporate activity that it is a challenge for businesses just to keep up. Many organizations, such as those in the healthcare and financial sectors, are subject to so many types of regulation on so many levels, that selection of IT infrastructure – with both the flexibility and security to fully meet requirements – has become crucially important.
Risk Management Forecasting offers solutions designed to both equip business with cutting-edge technology and maintain compliance across a broad range of industry and governmental regulations. We perform assessments to address your compliance with the GLBA 501(b) Safeguards Rule.
GLBA applies to a broad range of financial institutions such as, but not limited to, banks, securities firms, insurance companies, and accounting firms. Section 501(b) of GLBA addresses the information security requirements and states that the regulatory agencies and authorities that govern financial institutions will establish administrative, technical, and physical safeguards to ensure security, protect against threats or hazards and protect against unauthorized access of critical information.
If a financial institution is found to be not in compliance with GLBA, it can result in severe penalties in the form of fines from the Federal Trade Commission (FTC) or Office of the Comptroller of Currency (OCC) and possibly class-action lawsuits from customers. Specifically, non-compliance civil penalties can be as high as $100,000 per violation. The financial organization’s senior leadership can be subject to, and personally liable for, a civil penalty of up to $10,000 and/or imprisonment for up to five years.
Call IT Risk Pros today at 888.811.RISK (7475), or email us at email@example.com to discuss your GLBA compliance needs with an experienced auditor and consultant.