Financial Modernization Act of 1999 is the Gramm-Leach-Bliley Act, or just plain GLBA. The Safeguards Rule requires all financial institutions to design, implement and maintain safeguards to protect customer information. Not all institutions are doing GLBA risk assessments properly, says Ken Stasiak, CEO of Secure State, a Cleveland, OH-based information security services firm. “We are generally seeing that financial institutions haven’t been performing comprehensive risk assessments, which include process flowing of applications,” he says. “As a result, critical components such as storing, processing or transiting customer information are being overlooked””]
Source: https://www.cuinfosecurity.com/glba-compliance-how-to-avoid-common-traps-a-902