Does your business meet the GLBA Compliance rules? Although Congress has regularly updated and adapted the act’s requirements, many businesses do not realize they need to comply until it is too late. Don’t become another negative statistic! Be sure your business is ready to face the rapidly changing compliance requirements with help from Astria Business Solutions.
Simplify Your GLBA Compliance
GLBA Compliance can be a headache, but Astria Business Solutions is here to streamline the process. We understand GLBA and regularly monitor the act for changes so that your business can be properly prepared and equipped. With Astria as your ally, you can rest assured in your GLBA Compliance and focus on your business’ success.
Best Compliance Solutions in Albuquerque
Astria Business Solutions offers you the best GLBA compliance services. We understand that no two businesses are the same and we are ready to provide you with the personal service your business needs. For all your cyber security needs, Astria is your ally.
What is GLBA Compliance?
GLBA stands for the Gramm-Leach-Bliley Act. It was enacted by Congress in 1999 and has been updated as recently as 2015. It was developed to protect and inform consumers as more and more businesses collected their private data and to set standards for how companies share and store data. But what exactly is required by GLBA?
What is required?
GLBA Compliance applies to their definition of financial institutions and has two main requirements. First, such businesses must provide their customers with detailed explanations of any information collecting and sharing the business engages in. This helps keep the customer informed about who may be handling their data and where it may go.
Second, such businesses also must protect any customer data that they store so that it won’t be stolen by criminals. This includes cyber security of any digital information and even training employees to deny any phishing attempts.
While these requirements are often expected for traditional financial institutions, many businesses do not realize that they too must comply with GLBA rules. So who has to comply?
More than banks and Insurance
Congress intentionally left the term, “financial institution,” particularly broad. It of course covers banks, lenders, and insurance companies, but many other types of businesses are also included. Business size makes no difference in GLBA compliance. If you qualify as a financial institution, you must comply with the GLBA standards.
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Do I need to comply with GLBA?
GLBA Compliance defines a financial institution as any business that significantly engages in providing financial services or products. This includes:
- Banks and lenders;
- Accountant and tax preparation services;
- Real estates agencies, appraisers, and settlement services;
- Check printing and cashing services;
- Retailers that issue credit cards or that extend credit;
- Travel agencies connected with financial services;
- Automobile dealerships;
And many other businesses that handle their customers’ personal information.
You need a plan
All of these businesses must disclose to their customers how their personal information is being used, and also must actively protect that data. Beyond that, a written and enforced strategy must be in place to secure customer data. Risks due to employees, computer systems, and threat detection must all be addressed by the business’ plan.
Astria is your GLBA Compliance Ally
Astria Business Solutions is here to support you in meeting your GLBA compliance goals. We provide consultation and implementation services to make sure your business meets and exceeds GLBA Compliance requirements.