What type of information is protected by GLBA?
What type of information is protected by GLBA?
The Gramm-Leach-Bliley Act seeks to protect consumer financial privacy. Its provisions limit when a “financial institution” may disclose a consumer’s “nonpublic personal information” to nonaffiliated third parties.
What is personal information under GLBA?
The personal information covered by the GLBA is termed “nonpublic personal information,” which means “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 …
What is considered nonpublic personal information under GLBA?
(A)The term “nonpublic personal information” means personally identifiable financial information— (i)provided by a consumer to a financial institution; (ii)resulting from any transaction with the consumer or any service performed for the consumer; or (iii)otherwise obtained by the financial institution.
Who does GLBA apply to?
all businesses
Gramm-Leach-Bliley Act applies to all businesses, regardless of size, that are “significantly engaged” in providing financial products or services to consumers.
What is considered non public information?
Nonpublic information typically relates to the personal information of an individual that is not and should not be available to the public. This includes Social Security Numbers, bank information, other personal identifiable financial information, and certain transactions with financial institutions.
What data is covered by GLBA?
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 the definition of nonpublic personal information?
Nonpublic personal information is any personally- identifiable, financial information that is not publicly available.
What is nonpublic information?
Nonpublic information is information that has not been previously disclosed to the general public and is otherwise not available to the general public.
What are examples of non public personal information?
For example, nonpublic personal information may include names, addresses, phone numbers, social security numbers, income, credit score, and information obtained through Internet collection devices (i.e., cookies).
Which of the following is an example of material non public information?
Examples of Material Non-Public Information include information regarding dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments.
What is included in nonpublic information?
What is an example of nonpublic personal information?
What is considered material nonpublic information?
Key Takeaways. Material nonpublic information refers to corporate news or information that has not yet been made public and which could also have an impact on its share price. It is illegal to use this kind of information for one’s advantage in trading stocks or other securities.
How does GLBA impact information systems security?
The main focus of the GLBA is to expand and tighten consumer data privacy safeguards and restrictions. The primary concern, related to the GLBA, of IT professionals and financial institutions is to secure and ensure the confidentiality of customers’ private and financial information.
What is the definition of non public information?
What’s non public information?
What does GLBA mean for data protection?
Learn about what GLBA means for data protection and how to achieve GLBA compliance in Data Protection 101, our series on the fundamentals of information security. The Gramm-Leach-Bliley Act (GLB Act or GLBA) is also known as the Financial Modernization Act of 1999.
What is the GLBA and glbd?
The GLBA was a US law passed in 1999 that regulated how financial institutions must protect sensitive consumer information. At the time, the GLBD was created to repeal the Glass-Steagall Act of 1933, which prohibited commercial banks from offering additional financial services like insurance.
Why is GLBA compliance important for financial institutions?
The primary concern, related to the GLBA, of IT professionals and financial institutions is to secure and ensure the confidentiality of customers’ private and financial information. Maintaining GLBA compliance is critical for any financial institution, as violations can be both costly and detrimental to continued operations.
What are the implications of the GLBA for pretexting?
The GLBA has important implications for pretexting in a couple different respects. The first is that it explicitly makes it illegal to use pretexting to try to gain access to the information about victims held by a financial institution covered by the Act.