The Gramm-Leach-Bliley Act:
A)requires financial institutions to ensure the security of customer data.
B)specifies best practices in information systems security and control.
C)imposes responsibility on companies and management to safeguard the accuracy of financial information.
D)outlines medical security and privacy rules.
E)identifies computer abuse as a crime and defines abusive activities.

Question

Quizplus · Accepted Answer

The Gramm-Leach-Bliley Act, also known as the Financial Services Modernization Act, requires financial institutions to ensure the security of customer data. It mandates that companies establish policies and procedures to protect sensitive information from unauthorized access and disclosure. The act also requires financial institutions to provide customers with privacy notices detailing how their personal information is collected, used, and shared.