Wednesday, December 21, 2005

US FDIC releases information security guide for small entities under FACTA and GLB

The US FDIC has just released a compliance guide for small-entities to comply with the information security standards under Gramm-Leach-Bliley and the Fair and Accurace Credit Transactions Act. Here's the summary from the compliance guide:

Interagency Guidelines Establishing Information Security Standards
Small-Entity Compliance Guide

This Small-Entity Compliance Guide is intended to help financial institutions comply with the Interagency Guidelines Establishing Information Security Standards (Security Guidelines). The guide summarizes the obligations of financial institutions to protect customer information and illustrates how certain provisions of the Security Guidelines apply to specific situations. The appendix lists resources that may be helpful in assessing risks and designing and implementing information security programs.

Although this guide was designed to help financial institutions identify and comply with the requirements of the Security Guidelines, it is not a substitute for the Security Guidelines. Moreover, this guide only addresses obligations of financial institutions under the Security Guidelines and does not address the applicability of any other federal or state laws or regulations that may pertain to policies or practices for protecting customer records and information.

For a good summary and some additional background, also check out the Privacy and Security Law Blog: Federal Bank and Thrift Regulatory Agencies Publish Guide to Help Financial Institutions Comply with Information Security Guidelines.

No comments: