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The Financial Modernization Act of 1999, also known as the "Gramm-Leach-Bliley Act" or GLB Act, includes provisions to protect consumers' personal financial information held by financial institutions. There are two principal parts to the privacy requirements: the Financial Privacy Rule and the Safeguards Rule.
The Financial Privacy Rule governs the collection and disclosure of customers' personal financial information by financial institutions.
The Safeguards Rule requires all financial institutions to design, implement and maintain safeguards to protect customer information.
These two requirements apply to "financial institutions," which include not only banks, securities firms, and insurance companies, but also companies providing many other types of financial products and services to consumers. Among these services are lending, brokering or servicing any type of consumer loan, transferring or safeguarding money, preparing individual tax returns, providing financial advice or credit counseling, providing residential real estate settlement services, collecting consumer debts and an array of other activities.
The Federal Trade Commission has authority to enforce the law with respect to "financial institutions" including non-bank mortgage lenders, loan brokers, some financial or investment advisers, tax preparers, providers of real estate settlement services, and debt collectors.
To implement its information security program, each financial institution must:
- Designate an employee or employees to coordinate the program
- Identify reasonably foreseeable internal and external risks to the security, confidentiality, and integrity of customer information and assess the sufficiency of any safeguards in place to control the risks
- Design and implement safeguards to address the risks and monitor the effectiveness of these safeguards
- Select and retain service providers that are capable of maintaining appropriate safeguards for the information and require them, by contract, to implement and maintain such safeguards
- Adjust the information security program in light of developments that may materially affect the program
- Protect yourself!
Sharp has a four-fold approach to providing our clients with secure document technology solutions with regard to the GLB Safeguards rule:
- Secure the Image Data: Sharp provides a Common Criteria validated data security solution which first encrypts and then overwrites document image data stored on the MFP's hard disk, RAM and/or Flash memory during the copying, printing, scanning and faxing process
- Secure the Network Interface: Sharp network interface cards (NIC) enable the network administrator to provide individual access protection to connected MFPs and printers. With this network card, the Sharp digital copier is essentially protected by its own firewall. This unique firmware prevents unauthorized users from accessing the MFP's internal data, launching denial of service attacks and intentionally or inadvertently changing the MFPs settings
- Secure the Output: Sharp provides you with the ability to limit the viewing of confidential printed material and MFP access by requiring the user to first authenticate themselves at the device
- Secure the Audit Trail: Sharp offers additional hardware and software accessories that enable you to control access and track usage across your printers and digital copiers. This extensive monitoring enables you to track every page that is printed and copied. This has the added benefit of deterring unauthorized use of network printers and MFPs