The Gramm Leach Bliley Act has been around for years now. The banks had to adjust seemingly overnight, and Credit Unions must do the same. This act has several different parts but we will be focusing on the information security portion of the act.
The main reason this act was put into place was to condense controls on data and or information to Credit Unions. Credit Unions are now mandated by law to protect PII (Personal Identifiable Information). Anytime a network crashes or is compromised there is a chance personal and important information can leak.
The GLBA also is expecting Credit Unions to anticipate threats to their data, calling for more protection against unauthorized data access. Many Credit Unions still have in house access codes for former employees. These need to be deleted as another way to protect your customers PII. Information is more transparent now. People have accounts linked together and if one piece of PII is leaked it can lead to a domino effect of compromised information.
Here at INS we have a secure and safe system put in place to control and manage your communication with third parties called the Vendor Portal. INS handles all due diligence required when hiring a third party. Within the vendor portal, INS makes sure you have a current contract, updated insurance, up to date security and other basic policies.
We understand that many Credit Unions have another company help with data and security. INS has handled these issues before and would be glad to help your Credit Union get up to GLBA standards.