The Gramm–Leach–Bliley Act (GLBA), also widely known as the Financial Services Modernization Act of 1999, has a significant impact on financial institutions. The Act applies strict government mandates, particularly concerning the collection and disclosure of consumers’ personal financial information. Among these mandates is the requirement that financial institutions have security policies and systems in place to safeguard information. GLBA applies to financial institutions that collect information directly from customers and to institutions that obtain information from other financial institutions. Financial institutions include banks, insurance companies, securities companies, credit-rating agencies, mortgage brokers, and real estate appraisers—basically any organization that offers financial products or services.
The Federal Financial Institutions Examination Council (FFIEC) is a formal interagency body empowered to prescribe uniform principles, standards, and reports forms for the Federal examination of financial institutions. Under a part of its standardized requirement, financial institutions must secure access to their computer networks through multiple layers of controls to safeguard against unauthorized access to critical systems and data.
These Hawaiian Telcom services are available to help your company achieve compliance with the GLBA and FFIEC requirements:
To find out more about how Hawaiian Telcom can help with your risk and compliance needs, contact us today at 643-0934.