Gramm-Leach-Bliley Act: A Case Study
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Financial Institutions
Under the guidance of the Gramm-Leach-Bliley Act, financial institutions must disclose their information-sharing practices to customers and protect customers’ sensitive information.
The Interagency Guidance on Response Programs for Unauthorized Access to Customer Information and Customer Notice (Guidance) describes breach response programs, including customer notification procedures, that financial institutions should develop and implement to address unauthorized access to or use of customer information that could result in substantial harm or inconvenience to a customer.
A Response Program Should Include
The Guidance requires that a response program include processes to accomplish at least the following components: