The Gramm-Leach-Bliley Act (GLBA) has been hitting headlines recently. This compliance rule will have an impact on various industries, but the finance industry needs to take particular note, especially because the compliance deadline goes into effect in June 2023. The Federal Trade Commission’s ruling will effect a variety of businesses — from financial institutions and public tax preparers to payday lenders and mortgage brokers. In this blog post, we discuss what your business needs to know about GLBA Compliance, how IT is critical to support this initiative, and how AllConnected can help.
JD Supra defines GLBA as the following: “On January 10, the Federal Trade Commission’s final rule, amending the Standards for Safeguarding Customer Information (Safeguards Rule) under the Gramm-Leach-Bliley Act (GLBA), became effective… As a practical matter, the amendments will likely require many financial institutions to revisit and revise their policies and procedures, including, for example, in the areas of risk assessments, vendor oversight, and incident response plans.”
The rule establishes several key provisions, including:
GLBA is important because it serves to protect customer information. This is especially important for financial institutions and other businesses who collect sensitive financial information that is often more at risk for cybersecurity attacks. In fact, the International Monetary Fund notes the following about today’s cybersecurity landscape: “The assessment that a major cyberattack poses a threat to financial stability is axiomatic— not a question of if, but when.” Now is the time to protect your business.
The provisions detailed in GLBA Compliance are centered around IT security. The best way to support these provisions is by implementing a multi-layered security strategy. Here are a few key recommendations:
Cybersecurity Assessments are the backbone of your overall cybersecurity strategy. They provide an excellent way for your business to organize technological assets, recognize potential liabilities and risks, plan for IT resilience, and adhere to industry compliance. With in-depth risk assessments, vulnerability assessments, and cybersecurity maturity assessments, you will gain a greater understanding of your unique security risks and develop an effective security strategy.
AllConnected can guide you through in-depth cybersecurity assessments to prepare and strengthen your organization’s security strategy.
Disaster recovery is a critical component of every organization’s security plan. With the cost of a data breach now averaging $4.35 million, investing in a robust data recovery plan is crucial to protect your business and ensure limited downtime in the event a data breach occurs.
AllConnected can help your business develop a robust data recovery plan to protect your most sensitive data. We regularly test your backups to make sure your organization can recover from data breaches according to NIST 800-171 standards, your regulatory requirements and your unique RTO and RPO objectives.
Multi-Factor Authentication (MFA) remains one of the best strategies to implement whenever possible. MFA allows you to add an additional layer of security to your accounts by requesting additional credentials when you login (such as a unique PIN, a fingerprint, or verification on your mobile device). It’s a relatively simple way to protect your data, your team, and your accounts.
AllConnected has teamed up with Cisco Duo to offer a user-friendly, scalable security platform that keeps your business ahead of threats. You can verify identities in seconds, protect any application on any device, and easily deploy Duo in any environment.
Don’t let GLBA Compliance catch your business off guard. Start preparing now by reaching out to AllConnected and implementing the right IT security measures. Our comprehensive suite of security services ensures your business, your team, and your customers stay security, your infrastructure remains stable, and your data stays protected. Contact us today to get started!