Question

Imagine two people each sitting at their own desk with their own computing devices (laptop, phone, etc...). in this scenario, person a will represent a threat, that is, someone whose interactions are motivated by the intention to do harm; person b will represent the victim of that harm. once the fraud is detected, and stopped, the bank's chief security officer sent person b a text message explaining the bank's information-sharing and data safeguarding practices. which of the following best describes the gramm-leach-bliley act?

a. the gramm-leach-bliley act requires that controls are put in place to secure the corporate network, prevent unauthorized access to systems and data, and ensure data integrity and availability in the event of a disaster or other disruption of service.
b. the gramm-leach-bliley act outlines medical security and privacy rules and procedures for simplifying the administration of health care billing and automating the transfer of health care data among health care providers, payers, and plans.
c. the gramm-leach-bliley act imposes responsibility on companies and their management to protect investors by safeguarding the accuracy and integrity of financial information that is used internally and released externally.
d. the gramm-leach-bliley act requires financial institutions to ensure the security and confidentiality of customer data.
e. data must be stored on a secure medium, and special security measures must be enforced to protect such data on storage media and during transmittal.
f. i don't know yet

Answer 1

The Gramm-Leach-Bliley Act requires financial institutions to ensure the security and confidentiality of customer data, encompassing disclosure of information-sharing practices and measures to protect sensitive information.

Step-by-step explanation:

The Gramm-Leach-Bliley Act, also known as the Financial Services Modernization Act of 1999, plays a critical role in the protection of personal information. Within the context described where Person A represents a threat to Person B's financial information, the act relates to the answer choice:

• d. The Gramm-Leach-Bliley Act requires financial institutions to ensure the security and confidentiality of customer data.

This act obligates financial institutions to be transparent with their customers about their information-sharing practices and to safeguard sensitive data diligently. This legislation is part of a broader framework of laws designed to protect consumers and maintain confidence in the financial system.