3.120- What are the Requirements that companies protect consumer information?
The Gramm-Leach-Bliley Act requires financial institutions – companies that offer consumers financial products or services like loans, financial or investment advice, or insurance, to explain their information sharing practices to their customers and to safeguard sensitive data.
The Consumer Privacy Protection Act of 2017 was enacted to ensure the privacy and security of sensitive personal information, to prevent and mitigate identity theft, to provide notice of security breaches involving sensitive personal information, and to enhance law enforcement assistance and other protections against security breaches, fraudulent access, and misuse of personal information.
Related Topics: What is the Gramm-Leach Bailey Act? What are Prohibited Acts? Explain the consequences of Violations of Gramm-Leach Bliley Act Explain Cybersecurity scenarios , General business ethics, Scenarios where borrower has provided false information, Scenarios where borrower is seeking advice What Precautions should be taken to protect customer information?
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