Under which of the following acts can an international financial institution be prosecuted if it fails to maintain the privacy of its customer’s information?
The Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999, is the correct answer. The GLBA mandates that financial institutions – which can include international financial institutions operating in the United States – protect the privacy of consumers’ personal financial information. The act requires financial institutions to explain their information-sharing practices to their customers and to safeguard sensitive data. Failure to comply with the GLBA can result in prosecution and significant penalties.
References: The information provided is based on my training data which includes knowledge of the GLBA and its implications for financial institutions regarding the privacy and protection of customer information. For the most accurate and detailed reference, it is recommended to consult the official documents and study guides from the Certified Network Defender (CND) course by the EC-Council.
Contribute your Thoughts:
Chosen Answer:
This is a voting comment (?). You can switch to a simple comment. It is better to Upvote an existing comment if you don't have anything to add.
Submit