What is GLBA - Gramm-Leach-Bliley?

GBLA, more commonly known for its authors (Gramm-Leach-Bliley Act) includes provisions to protect consumers’ personal financial information held by financial institutions.

The initial legislation, which went into effect in 1999, is intended to ensure financial institutions protect sensitive customer information that may be accessible to hackers through web-enabled environments, including Internet connectivity and hosting arrangements. The Safeguards Rule of GLBA, which went into effect in 2003, any institution under Federal Trade Commission (FTC) jurisdiction, requires proactive steps to ensure security of customer information.