Gramm-Leach-Bliley Act (GLBA) of 1999 requires financial institutions such as banks, thrifts, credit unions, and insurance firms as well as any firm engaged in related activities including mortgage lending, credit card activities, securities brokerage activities (including dealers and advisors), insurance sales (underwriters and agents), tax planning and preparation services and investment advice to protect consumer’s financial private information from unauthorized use or access. Additionally, GLBA updated the practice and policies for Financial Institutions and related service and product providers to supply the ability for consumers to control the use of their private information.
How UbiStor Can Help
UbiStor’s online data backup and recovery solutions employ GLBA-compliant, over-the-wire encryption ensuring that financial institutions and related business associates trying to standardize their electronic data backup and storage will meet confidentiality and security standards with the following solutions:
Storing Financial records with UbiStor’s online backup and recovery solutions give organizations the confidence in knowing that confidential data is secure, yet quickly accessible. Electronically transporting records using industry-standard encryption to off-site secure locations where the data remains encrypted eliminates the chance of any unethical access or breech of information privacy laws.
UbiStor’s online backup and recovery solutions and managed services can help financial institutions and related service providers who administer to private consumer financial information electronically adhere to GLBA by:
- Storing data at highly secure, off-site locations.
- Ensuring that critical records and communications remain encrypted.
- Utilizing disk-to-disk backup and retrieval, avoiding the hassles of backup tapes.
- Offering specialized solutions for storing, monitoring and archiving email and instant messages.
GLBA contains the standards required to protect consumer private financial information/data records:
- Protect the privacy of consumer information held by Financial Institutions and related Financial Service Providers.
- Requires companies to give consumers privacy notices that explain the institutions information-sharing practices.
- Requires companies to provide a reasonable way to ‘opt-out’ of having consumer or customer information shared with certain third parties.
- Gram-Leach-Bliley Act of 1999
- For more information please visit the FTC website.
- Additional information can be found by visiting the Senate website.