Question

Which law requires banks and financial institutions to alert customers of their policies and practices in disclosing customer information?

Answer 1

Answer:

The correct answer to the following question will be "Gramm-Leach-Bliley".

Explanation:

The Gramm-Leach-Bliley legislation requires financial firms – companies offering consumers financial goods or services such as loans, investment or financial guidance, or insurance – to clarify to their clients their data-sharing policies and to protect sensitive information.

Benefits of this law include:

• Identify one or more personnel to manage the information security program.
• Designing and implementing a security program and tracking and reviewing it regularly.
• Analyze and modify the system in the light of specific conditions, including adjustments in the company or activities of the firm or the outcomes of monitoring and testing for health.

Therefore, Gramm-Leach-Bliley is the right answer.