Gramm-Leach-Bliley Act (GLBA)

GLBA requires financial institutions to develop a written information security plan that describes how the company is prepared for, and plans to continue to protect clients’ nonpublic personal information. This requirement also applies to information of those no longer consumers of the financial institution. This plan must include:

• Denoting at least one employee to manage the safeguards,
• Constructing a thorough [risk management] on each department handling the nonpublic information,
• Develop, monitor, and test a program to secure the information, and
• Change the safeguards as needed with the changes in how information is collected, stored, and used.

Furthermore, financial institutions must provide their clients with a privacy notice that explains what information the company gathers about the client, where this information is shared, and how the company safeguards that information. This privacy notice must be given to the client prior to entering into an agreement to do business.

How to Comply….

Contracting with a National Association for Information Destruction (NAID) member like Randy’s Environmental Services Document Destruction Division to shred all discarded financial information is the best way to comply with Gramm-Leach-Bliley legislation. Service can be arranged on a schedule that suits any home or office situation. It is the most economical alternative no matter how small or large the need. Most importantly, your documents are securely disposed by professionals who are insured, bonded, and trained in document shredding.