Gramm Leach Bliley Act Regulations Encourage On-Site Data Destruction
Gramm Leach Bliley Act Regulations Encourage On-Site Data Destruction. The Gramm–Leach–Bliley Act (GLB), also known as the Financial Services Modernization Act, established regulations which allow financial institutions with different functions to expand into offering different financial services either through an acquisition or through a business line extension. With the passage of the Gramm–Leach–Bliley Act, commercial banks, investment banks, securities firms, and insurance companies were permitted to consolidate. The GLB also contains a lot of other provisions meant to protect consumer’s personal financial data regardless of what type of company held it.
GLB applies to companies that offer any type of financial products or services to individuals, like loans, financial or investment advice, or insurance; including:
- non-bank mortgage lenders,
- real estate appraisers,
- loan brokers,
- some financial or investment advisers,
- debt collectors,
- tax return preparers,
- banks, and
- real estate settlement service providers.
In terms of compliance, the key rules under the Act include The Financial Privacy Rule which governs the collection and disclosure of customers’ personal financial information and The Safeguards Rule, which requires companies to develop a written information security plan that describes how the company is prepared for, and plans to continue to protect clients’ nonpublic personal information.
A major component of these concern data destruction. In order to be compliant with GLB regulations, a company must properly dispose of records and electronics which may have stored sensitive information. This is to ensure the financial privacy of all clients.
Turtle Wings / Data Killers offers nationwide on-site data destruction services for companies that must adhere to the GLB regulations. We supply a complete audit trail of all destroyed media including serial numbers and manufacturers for compliance purposes. All of our employees are thoroughly versed and trained in GLB data destruction standards and laws and are happy to assist you in compliance documentation.
Data Killers provides nationwide, on-site destruction of any type of equipment or media with assured compliance and the ability to shred material to 10mm. Our services include: on-site tape shredding; on-site hard drive shredding; degaussing and incineration services. Data Killers is the data and product destruction arm of Turtle Wings, Inc., an ISO certified, woman-owned, HUBZoned company holding multiple GSA contracts.