FTC Cracks Down on GLBA Violation
Last month the FTC cracked down on a mortgage company for violating the privacy rules in the Gramm Leach Bliley Act (GLBA). A lack of information security measures is going to cost the company 10 years of audits.
Agent Genius has a good rundown on how GLBA affects financial institutions like banks, insurance companies, brokers, lenders and so on. As the author notes, "financial institution" can be broadly interpreted.
Data encryption with the ability to log and audit should be a key part of any GLBA compliance plan. Regulators want to see clear proof that information security policies are in place and are being enforced.