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GLBA Congress passed the Gramm-Leach-Bliley Act (also named after its sponsors) in 1999 to allow commercial banks

to offer investment and insurance services. It also included provisions to protect the privacy of consumer information collected by companies in the financial sector. Its formal name is the Financial Services Modernization Act. However, GLBA uses a broad definition of financial institutionit covers not just banks, credit unions, credit card companies, loan companies, and the like, but also insurance companies, securities brokers, real estate appraisers, retail establishments that issue their own credit cards, tax preparers, debt collectors, and any other organization "significantly involved in financial activities." The most relevant section to IT is Section 501 of Subtitle A. It requires companies to ensure the security and confidentiality of customer records and information, protect against any anticipated threats or hazards to the security and integrity of such records, and protect against unauthorized access to or use of such records or information that could result in substantial harm or inconvenience to any customer.

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