Complying with Gramm-Leach-Bliley
Axcient Supports Your Compliance Needs
In providing data and application uptime, all the time, Axcient makes it easier for you to comply with all your industry’s regulatory standards, including the Gramm-Leach-Bliley Modernization Act of 1999 (GLBA).
The GLBA Law
The GLBA is broken down into three sections:
- Rules on the collecting and sharing of private financial information
- Data safeguards required to protect private information
- A provision prohibiting anyone from obtaining private information under false pretenses
The GLBA applies to non-bank mortgage lenders, loan brokers, specific financial or investment advisers, tax preparers, real estate settlement services providers, and debt collectors who are “significantly engaged” in financial activities. These institutions must send yearly privacy notices to customers that disclose their information sharing and protection practices. Customers – those who have a continuing relationship with a financial institution – can limit some sharing of their information with a third-party not affiliated with that institution.
GLBA Data Sharing Disclosure
The Act poses a significant compliance challenge mainly to small and mid-sized financial institutions that are also trying to set their own security policies. Axcient helps to lessen this burden, particularly in terms of safeguarding data. Axcient stores data in its SSAE 16 Type II data center, which meets the highest industry security standards. In the event of a network disruption when a financial institution has to failover an office carrying sensitive data, Axcient gives that institution the same complete data access control over the virtualized servers as they have over original servers.
Axcient helps financial institutions comply with the GLBA in three ways: the solution only allows authorized users to access backup data, gives financial institutions complete access control over virtualized servers, and encrypts data in transit and at rest in a secure data center. Axcient eases the compliance burden of its financial business customers and allows them to instead focus on growing their business and properly serving their end users.