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Article: Regulatory issues. (Legal Reporter).(Federal Trade Commission privacy rules for financial institutions)(Brief Article)
- Article from:
- Security Management
- Article date:
- August 1, 2002
- Author:
CopyrightCOPYRIGHT 2002 American Society for Industrial Security. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Privacy. The Federal Trade Commission (FTC) has issued a final rule that sets standards for the technical and physical security standards that financial institutions must enact to protect customer information. The standards take effect May 2003.
The standards are mandated by the Gramm-Leach-Bliley Act of 1999 and are designed to ensure the security of customer records, defend against anticipated threats, and protect against unauthorized access.
The FTC rule requires that financial institutions implement an information security program and update that program regularly to respond to new threats or to adjust procedures to new technology. In addition, all ...