If your organization collects personal information such as customer names, addresses, phone numbers, bank account numbers, credit card numbers, Social Security numbers, and income information, then you should be familiar with the Gramm Leach-Bliley (GLB) Act. The GLB requires companies defined under the law as “financial institutions” to ensure the security and confidentiality of this type of information. As part of its implementation of the GLB Act, the Federal Trade Commission (FTC) issued the Safeguards Rule, which requires financial institutions under FTC jurisdiction to have measures in place to keep customer information secure. Financial institutions must develop, implement, and maintain, a comprehensive security program that addresses the GBLA and the Safeguard Rules.
Financial leaders realize that safeguarding customer information isn’t just the law, but it also makes good business sense. When customers see that your company cares about the security of their personal information, you increase their confidence in your company. This helps you to retain your customer base, gain new clients, and increase the public trust in your brand. The information security posture of your company can have a major financial impact on its bottom line and if not properly addressed, it can give other companies a competitive edge. However, most organizations do not have the required resources or time to properly address all federal regulations and requirements impacting financial institutions.
MCGlobalTech is poised to assist its clients with compliance to federal regulation impacting financial institutions. We have the skill set, expertise, and knowledge required to understand the complexities of federal regulations and industry standards such as GLBA, PCI-DSS, SOX, and COBIT 5 for Information Security. With our expertise and experience we can help you understand how federal regulations impacts your organization. We can also work with your organization’s security team to create, plan, implement, and maintain a comprehensive security program tailored to fit your company’s requirements. Our 4-Phase approach can bring real value to assisting your organization meet its information security requirements.