GLBA COMPLIANCE AND RISK MANAGEMENT
WHAT IS GLBA?
The Gramm Leach Bliley Act (GLBA), also known as the Financial Services Modernizing Act, is an act intended to increase and enforce the standard for information security in Financial Services.
PENALTIES FOR NONCOMPLIANCE
The penalties for GLBA violations are quite severe. A financial institution can be fined up to $100,000 for each violation. The officers and directors of the financial institution can be fined up to $10,000 for each violation. Criminal penalties include imprisonment for up to 5 years, a fine, or both.
HOW CAN WE HELP?
ECS provides expert guidance and effective software technology to address the entirety of GLBA compliance and risk management.
Our solution consistently addresses the seven elements of an effective compliance program (personnel, training and education, policies and procedures, etc.) and includes our controls assessment spanning the entirety of ISO-27002 Controls. Our risk assessment process includes an accurate and thorough assessment of the potential risks and vulnerabilities to the confidentiality, integrity, and availability of sensitive data.
Our process is ultimately concluded by generating detailed reports that can be updated on an ongoing basis. You also maintain access to the system to update your assessment and document your mitigation efforts further demonstrating the strength of your organization's GLBA compliance program.