What are the safeguard rules?
What are the safeguard rules?
The Safeguards Rule requires covered financial institutions to develop, implement, and maintain an information security program with administrative, technical, and physical safeguards designed to protect customer information.
What 3 types of controls are required to safeguard customer information?
“Focus on the CIA triad—the confidentiality, integrity and availability of the information you’re trying to protect for your business, customers and employees,” said David Gerlach, director of the office of information security at Applied Systems.
What is the safeguards rule of GLBA?
The GLBA Safeguards Rule requires CU to implement safeguards to ensure the security and confidentiality of certain nonpublic personal information (NPI) that is obtained when CU offers or delivers a financial product or service to an individual for personal, family, or household purposes.
What is the intention of the Safeguards Rule?
The Safeguards Rule requires companies to develop a written information security plan that describes their program to protect customer information. The plan must be appropriate to the company’s size and complexity, the nature and scope of its activities, and the sensitivity of the customer information it handles.
When was the Safeguards Rule originated?
May 23, 2002
The Safeguards Rule was published in the Federal Register one year ago [67 Fed Reg 36484 (May 23, 2002)] and can be found on the Federal Trade Commission Web site at http://www.ftc.gov/privacy/privacyinitiatives/safeguards.html.
How do you safeguard customer information?
There are five steps you can take to protect your customers’ information:
- Only collect the most vital data.
- Limit access to that data.
- Use password management tools.
- Avoid data silos.
- Set minimum security standards.
What are the 3 types of security controls?
There are three main types of IT security controls including technical, administrative, and physical. The primary goal for implementing a security control can be preventative, detective, corrective, compensatory, or act as a deterrent.
Who does the GLBA Safeguards Rule apply to?
financial institutions
The Safeguards Rule requires financial institutions under FTC jurisdiction to have measures in place to keep customer information secure.
Which are three key rules of the GLBA?
The three sections include the following:
- Financial Privacy Rule. This rule, often referred to as the Privacy Rule, places requirements on how organizations may collect and disclose private financial data.
- Safeguard Rule.
- Pretexting Rule.
What is the first requirement in establishing a safeguards rule program?
In general, the Safeguards Rule required financial institutions to (1) designate an employee to coordinate the information security program; (2) identify reasonably foreseeable risks to customer information that could result in unauthorized use, disclosure or other compromise of such information; (3) design and …
Which of the following are considered service providers under the Safeguards Rule?
This includes, for example, check-cashing businesses, payday lenders, mortgage brokers, nonbank lenders, personal property or real estate appraisers, professional tax preparers, and courier services.
Who does the FTC Safeguards Rule apply to?
non-banking financial institutions
The FTC’s Safeguards Rule applies to non-banking financial institutions, such as check-cashing businesses, payday lenders, mortgage brokers, nonbank lenders, personal property or real estate appraisers, professional tax preparers, courier services, and credit reporting agencies.