The Gramm-Leach-Bliley Act (GLBA) requires financial institutions – companies that offer consumers financial products or services like loans, financial or investment advice, or insurance – to explain their information-sharing practices to their customers and to safeguard sensitive data.
The GLBA serves the purpose of protecting the confidentiality and safekeeping of customers’ private personal information. This can include social security numbers, credit reports, income data, credit, and bank card account numbers, phone numbers, addresses, and any other received private customer information. The Safeguards Rule requires financial institutions to create a written information security plan detailing how the institution plans to protect their customers’ information. According to the Safeguards Rule, covered financial institutions are required to:
GLBA compliance helps reduce the risk for financial institutions by decreasing the chance of financial or reputational damage caused by breached private customer data. The GLBA Safeguards Rule provides some benefits to customers including:
Compliance with the GLBA improves an institution's reputation by implementing these standards to help protect consumer and customer records. Customers can feel secure that their information is safeguarded by the institution thus improving customer loyalty and increasing the number of repeat business.
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RB Advisory LLC is a cybersecurity advisory firm with headquarters in Winter Park, Florida. Our business model is designed to help ALL companies, public and private, with IT security and compliance issues. The services we provide are custom designed for all companies, to secure platforms, networks, IoT, social, and cloud platforms in all industries.