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Gramm-Leach BlileyThis act concerns the obligations of financial institutions to protect the privacy as well as the security and confidentially of their customers
Gramm-Leach Bliley Overview
This act stipulates that financial institutions have an affirmative and continuing obligation to respect the privacy of their customers and to protect the security and confidentiality of those customers’ non-public personal information. As a result, financial institutions have an obligation to protect against any anticipated threats or hazards to the security or integrity of customer records, and to protect against the unauthorized access to, or use of such records or information, which could result in substantial harm or inconvenience to any customer. Financial organizations cannot disclose non-public information about their customers and can’t use or share the info except to perform a service on behalf of the client with their permission.
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