The Gramm-Leach-Bliley Act: The Gramm-Leach-Bliley Act requires companies that collect and maintain financial information to take security precautions to protect the data. There are three principal parts to the privacy requirements: the Financial Privacy Rule, Safeguards Rule and Pretexting provisions.

The GLB Act gives authority to eight federal agencies and the states to administer and enforce the Financial Privacy Rule and the Safeguards Rule. These two regulations apply to “financial institutions,” which include banks, securities firms, insurance companies, and other companies providing financial products and services to consumers including lending, brokering, safeguarding money, preparing individual tax returns, financial advice, credit counseling, residential real estate settlement services, collecting consumer debts and many other non-traditional activities.

The Financial Privacy Rule governs the collection and disclosure of customers’ personal financial information by financial institutions and any company who receives such information. The Safeguards Rule requires all financial institutions to design, implement and maintain safeguards to protect customer information. The Safeguards Rule applies to institutions that collect information from their own customers and those that receive information from other institutions. The Pretexting provisions protect consumers from individuals and companies that obtain their personal financial information under false pretenses, a practice known as Pretexting.

Again, in regards to disposing of IT and computer equipment you must adhere to the ruling or face penalties, fines, and possible litigation

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