Gramm-Leach-Bliley Act (GLB Act) AKA the Financial Services Modernization Act of 1999
The Financial Modernization Act of 1999, also known as the Gramm-Leach-Bliley Act (GLB Act), includes privacy provisions to protect consumer information held by financial institutions, by requiring them to explain their information-sharing practices to their customers and to safeguard sensitive data. In 2003, the Federal Trade Commission (FTC) confirmed that higher education institutions are considered financial institutions under this federal law. The GLB Act has three sections: The Financial Privacy Rule, the Safeguards Rule, and the Pretexting provisions.
The Financial Privacy Rule, in short, stipulates that institutions provide customers with information regarding what data they collect, how they use it, how it is shared, and how it is protected. The Safeguards Rule requires institutions to have a written information security plan that describes how the institution plans to protect customer data. The Pretexting provisions encourage institutions to implement protections against the practice of pretexting, which refers to attempting to access personal information without the authority to do so. This can entail impersonating another individual or "phishing", impersonating a reputable authority.
The University of Alaska complies with all standards within the GLB Act as we value protecting our students and staff from abuse of their personal information.