Final answer:
The Financial Services Modernization Act of 1999, commonly referred to as the Gramm-Leach-Bliley Act (GLBA), requires financial institutions to provide privacy notices and an 'Opt Out Notice' to their customers regarding personal information.
Step-by-step explanation:
The act that requires financial entities to provide customers with a privacy notice and an "Opt Out Notice" regarding the customer's personal information is the Financial Services Modernization Act of 1999, also known as the Gramm-Leach-Bliley Act (GLBA).
This act mandates that financial institutions must inform customers of their privacy policies and practices, as well as provide them the option to opt out of sharing their personal information with non-affiliated third parties.
It underlines the importance of individuals protecting their cyber data and personal privacy, especially in an era where data breaches and unauthorized data sharing have become significant concerns.