Financial institutions must take steps to secure customer data from unauthorized access in order to comply with this federal law. Their governing bodies, which can range from the Federal Deposit Insurance Corporation (FDIC) to the Federal Trade Commission (FTC) must periodically audit and enforce compliance through examinations that can result in fines for non-compliance. This paper consists of an overview of the Gramm-Leach-Bliley Act with a unique focus on the Safeguards Rule and its impact on the agreements financial institutions undertake with service providers and other institutions.
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