The three principles of information system security are confidentiality, integrity and availability. GLBA and HIPAA both align with these principles in that they
uphold personal data protection and integrity and set limits under which data can be available
(Rajesh, 2018).
What does GLBA have to do with information security GLBA?
The GLBA requires that
financial institutions act to ensure the confidentiality and security of customers' “nonpublic personal information
,” or NPI. … The Safeguards Rule states that financial institutions must create a written information security plan describing the program to protect their customers' information.
How are HIPAA and GLBA similar?
Similarities between HIPAA and GLBA:
Information Security Plan (GLBA) and Security Policies and Procedures (HIPAA) …
Requirement of using secure service providers (GLBA)
, or Business Associates (HIPAA) to handle sensitive information responsibly on behalf of compliant entities.
What is the difference between HIPAA and GLBA?
HIPAA protects a patient's healthcare information, SOX protects financial information of public companies, and
GLBA protects the data of financial institution customers
. However, they all share a unified goal: keeping sensitive data secure.
What are the requirements of the Gramm-Leach-Bliley Act?
The Gramm-Leach-Bliley Act requires
financial institutions
– companies that offer consumers financial products or services like loans, financial or investment advice, or insurance – to explain their information-sharing practices to their customers and to safeguard sensitive data.
What do organizations need to consider to be compliant with GLBA?
Encryption strength sufficient to protect the information from disclosure
until such time as disclosure poses no material risk. Effective key management practices. Robust reliability. Appropriate protection of the encrypted communication's endpoints.
What is the main purpose of the Gramm Leach Bliley Act privacy Rule?
The Gramm-Leach-Bliley Act seeks
to protect consumer financial privacy
. Its provisions limit when a “financial institution” may disclose a consumer's “nonpublic personal information” to nonaffiliated third parties.
What is the main purpose of the Gramm Leach Bliley Act quizlet?
The GLBA's purpose was
to remove legal barriers preventing financial institutions from providing banking, investment and insurance services together
.
What are the two significant parts of the Gramm Leach Bliley Act?
The GLBA requires companies that qualify as “financial institutions” to take several affirmative steps in order to prevent the unauthorized collection, use, and disclosure of NPI. It imposes these obligations under two “Rules”:
(i) the Privacy Rule, and (ii) the Safeguards Rule.
What are the penalties for non compliance under SOX and GLBA?
Penalties for GLBA noncompliance
A financial institution faces
a fine up to $100,000 for each violation
. Its officers and directors can be fined up to $10,000, imprisoned for five years or both. Companies also face increased exposure and a loss of customer confidence.
What is a financial institution under Gramm Leach Bliley?
What Is a “Financial Institution” Under GLBA? The GLBA defines “financial institutions” as
companies that are “significantly engaged” in providing financial products or services
— such as loans, financial or investment advice, insurance, etc. — to individual consumers or customers.
What is required under the safeguard rule?
The Safeguards Rule requires
financial institutions under FTC jurisdiction to have measures in place to keep customer information secure
.
What makes something Hipaa compliant?
HIPAA compliance is the process that
business associates and covered entities follow to protect and secure Protected Health Information
(PHI) as prescribed by the Health Insurance Portability and Accountability Act. That's legalese for “keep people's healthcare data private.”
Does GLBA require encryption?
Section 501(b) of the GLBA states that financial institutions must take the necessary measures to ensure the confidentiality and integrity of non-public customer information. Like Multi-Factor Authentication,
encryption is not an explicit GLBA requirement.
What is considered GLBA data?
GLBA covered information
GLBA defines covered customer information as
any record containing nonpublic personal information or personally identifiable financial information about a customer of PCC
– whether in paper, electronic, or other form – that is handled or maintained by or on behalf of PCC or its affiliates.
What kind of information does Hipaa protect?
The HIPAA Privacy Rule establishes
national standards to protect individuals' medical records and other individually identifiable health information
(collectively defined as “protected health information”) and applies to health plans, health care clearinghouses, and those health care providers that conduct certain …
What does Hipaa do for patients?
It gives
patients more control over their health information
. It sets boundaries on the use and release of health records. It establishes appropriate safeguards that health care providers and others must achieve to protect the privacy of health information.
Which of the following best describes Hipaa?
Which of the following best describes HIPAA? HIPAA
outlines medical security and privacy rules and procedures for simplifying
the administration of health care billing and automating the transfer of health care data between health care providers, payers, and plans.
What governmental agency monitors issues related to the SOX rules? Enforcement of SOX is done through
the Securities and Exchange Commission (SEC)
.
What information must be included in the privacy notice?
The first thing to include in your privacy notice is
the name, address, email address and telephone number of your organisation
. If you've appointed a DPO (data protection officer) or EU representative, you should also include their contact details.
When must the initial GLBA privacy notice be provided to consumer customers?
A financial institution must provide an annual notice at least
once in any period of 12 consecutive months during the continuation of the customer relationship
.
What is a GLBA risk assessment?
Categorizing controls and developing definitions for control adequacy and residual risk and applying them to each technology
. … Creating various reports showing vulnerabilities, controls, and a risk rating for each technology, as well as which vulnerabilities have insufficient controls, among others.
Does GLBA preempt state law?
GLBA preempts state laws only to the extent that
compliance with a state law would be “inconsistent with”
the requirements of the GLBA. A state law is not considered to be “inconsistent” if it provides a person with “protection” that “is greater than the protection provided” under the GLBA.
What happens if a company is not SOX compliance?
Non-compliance with SOX can result in
millions of dollars in fines and penalties leveraged against the company
, as well as removal from listings on public stock exchanges. Civil and criminal penalties for officers of the company can include fines up to $5 million dollars and prison terms up to 20 years.
What is SOX compliant?
The Basics of SOX Compliance
While the details of the Sarbanes-Oxley Act are complex, “SOX compliance” refers to
the annual audit in which a public company is obligated to provide proof of accurate, data-secured financial reporting
.
How do you meet HIPAA compliance requirements?
- Implement “Access Control” requirements. …
- Implement “Person or Entity Authentication” requirements. …
- Implement the “Transmission Security” requirements. …
- Disposal as a Requirement. …
- The Data Backup and Storage Implementation. …
- Integrity as a Feature.
Does GLBA apply to business customers?
The GLBA only applies to individuals who obtain financial products or services primarily for personal, family, or household purposes, and
does not apply to companies
or individuals who obtain financial products or services for business, commercial, or agricultural purposes.
Does the Gramm Leach Bliley Act apply to insurance companies?
GLBA became law in 1999. The law applies to many types of financial institutions. The
law
covers banks, savings and loans, credit unions, insurance companies and securities firms.
What controls are required to safeguard customer information?
The Safeguards Rule requires
financial institutions
to store sensitive customer information securely and ensure its secure transmission, as well as maintain programs and implement audit procedures that prevent unauthorized access and improper disclosure.
How do you maintain HIPAA compliance?
- Understand key definitions. …
- Backup all patient records. …
- Remember to keep backups of electronic PHI offsite. …
- Make sure your backup solutions provider supports HIPAA compliance. …
- Enter into a “business associate” agreement with your backup provider. …
- More on HIPAA compliance.
What are the 3 types of safeguards required by HIPAA's security Rule?
The HIPAA Security Rule requires three kinds of safeguards:
administrative, physical, and technical
.
What are the objectives of Part 314 of the GLBA?
9, 2021. (a) Purpose. This part, which implements sections 501 and 505(b)(2) of the Gramm-Leach-Bliley Act,
sets forth standards for developing, implementing, and maintaining reasonable administrative, technical, and physical safeguards to protect the security, confidentiality, and integrity of customer information
.
