The Gramm-Leach-Bliley Act Safeguards Rule

FRCP Gramm-Leach-Bliley Act Sarbanes-Oxley HIPAA Corporate Governance CA's Information Practices UK Freedom of Information UK Data Protection Act '98

The Gramm-Leach-Bliley Act Safeguards Rule requires financial institutions to prevent unauthorized access to non-public personal information.

Financial institutions must take steps to ensure the security and confidentiality of non-public personal information such as:

A consumer's name, address, social security number, and account number
The fact than an individual is a customer of a particular financial institution
Information a consumer provides on an application
Information from a "cookie" obtained in using a website
Credit histories on a consumer report obtained by a financial institution

The Gramm-Leach-Bliley Act is broad and applies to many types of institutions such as:

Banks
Credit Unions
Securities Firms
Mortgage Bankers
Mortgage Lenders
Insurance Companies
Real Estate Agencies
Credit Card Companies

Violations and penalties include:

Corporate officers can be held personally liable for civil penalties up to $10,000 and fines up to $1 million
Non-compliant banks can have FDIC insurance terminated
Corporate officers and upper management can be removed from positions and permanently barred from working again in the industry

Workshare solutions can help your organization comply by:

Stopping out-bound email that contains financial or other sensitive information and alerting users to the violation
Enforcing usage policies that control content
Enabling companies to define rules for content control and protection and who can override existing policies
Providing audit reports of content changes
Supporting compliance activities without changing the way your users work

Has your organization established a risk assessment of threats and vulnerabilities, effective risk management and controls, training, testing, vendor oversight, monitoring and adjusting, and board reporting? Workshare software establishes tight controls of critical information and provides the ability to audit and report on your organizations content sharing practices.

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