Protect Customers’ Financial Information

The Financial Modernization Act of 1999, also known as the Gramm-Leach-Bliley Act or GLBA, opened competition among financial institutions, including banks, securities companies and insurance providers. It allows commercial and investment banks to consolidate and includes provisions that govern the collection, disclosure and protection of consumers’ nonpublic or personally identifiable information.

Applicability

Gramm-Leach-Bliley Act (GLBA) compliance is mandatory for financial institutions, but many struggle to understand its focus. GLBA was enacted in 1999 to govern the collection, disclosure and protection of consumer's information and to allow commercial and investment banks to consolidate. All financial institutions and their vendors, totaling a market size of almost $4 billion, must comply with GLBA. Eight federal agencies and all state authorities enforce the act, and penalties for noncompliance may result in up to 10 years in prison and $1 million in fines.

Financial Services Industry Impact

Under the GLBA, financial services companies must follow three principles. The Financial Privacy Rule states that you must provide customers with a copy of privacy practices, and the Pre-Texting Protection Rule requires protected customer information, The Safeguards Rule requires a written information security policy. Thus, financial companies must:

• Implement efficient means for information distribution.
• Manage security controls to protect personal information and to prevent threats.
• Establish security procedures to prevent fines and save money.

ECMNOW! Enables GLBA Compliance

Enterprise Content Management (ECM) provides document controls and system security that enable compliance. Many financial services companies use ECMNOW! to address GLBA privacy and security regulations. Whether through PaperVision^® Enterprise, the on-premise software, or ImageSilo^®, the cloud ECM service, you can enhance efficiency, gain control and save money.

Distribute Information Efficiently

Under the Financial Privacy Rule, you must supply each customer with a privacy notice that explains what customer information is collected and how it is shared, used and protected. ECMNOW! allows efficient document distribution and provides a secure means for sharing information with customers.

• Share an unlimited number of privacy notices with customers through document disclosures.
• Allow secure, temporary, web-based access to documents for customers who prefer to receive information electronically.
  

Protect Customer Information and Control Security

GLBA provisions require you to protect information from unauthorized access, scams and phishing methods. PaperVision Enterprise and ImageSilo offer tools to proactively guard against attacks and to control security settings.

• Ensure security access rights for every information request.
• Track all user activity, including attempts at accessing protected records without proper security clearance.
  

Save Money by Establishing Security Procedures

The Safeguards Rule mandates a review of how your company manages personal information and an analysis of systems and policies. A written information security plan must describe how your company maintains customer confidentiality in order to avoid penalties. ECMNOW! provides extensive security features, reducing time, energy and money spent trying to establish such plans.

• Cost-effectively limit physical access to information and maintain tight control over the system use with application security.
• Switch from a capital investment in software and hardware to a simple, monthly operating expense with ImageSilo.

This document is for informational purposes only; Digitech Systems, Inc. is not liable for errors, omissions or inadequacies. Please consult an appropriate compliance expert to understand your needs. This information is subject to change without notice.