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Data Security Measures in Financial Institutions

Learn about GLBA Section 501, which outlines preventive and corrective actions for data breaches. Understand how to safeguard consumer information, conduct risk assessments, and respond effectively to incidents. This guidance emphasizes the importance of access controls, employee background checks, and timely notifications to regulators and customers.

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Data Security Measures in Financial Institutions

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  1. GLBA Section 501 • Interagency Guidance • Prospective measures • Conduct a risk assessment • Implement access controls • Conduct background checks on employees with access to consumer information • Retrospective measures • Assess the situation • Notify the institution’s primary federal regulator of the incident • Take steps to contain and control • Take corrective measures such as flagging accounts • Notify customers—only if sensitive customer information involved and only if conclude misuse is likely to occur

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