The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act (GLB), enacted November 12, 1999 is an Act of the 106th United States Congress (1999-2001) which repealed part of the Glass-Steagall Act of 1933, opening up competition among banks, securities companies and insurance companies. However with this greater freedom in business came stronger regulatory and enforcement measures to protect consumers.
The GLB Act was established primarily to repeal restrictions on banks affiliated with securities firms, but it also requires financial institutions — including any organization that works with people such as preparers of income tax returns, consumer credit reporting agencies, real estate transaction settlement services, and debt collection agencies — and people that receive protected information from financial institutions to adopt strict privacy measures relating to customer data.
Giga Vault Storage can help you meet the compliance requirements as outlined in section 501 of Title V – Privacy of the GLB Act
(1) To insure the security and confidentiality of customer records and information.
At Giga Vault Storage the integrity and confidentiality of your information is our number one concern. When you chose our solution you get redundant data protection with 4 copies of your data stored in at least two of our world class data centers, each separated by more than 2500 miles.
Before your data ever leaves your computers or servers it is triple encrypted via 448-bit blowfish encryption. Only you have the password, and there are no backdoors into our system. Our entire staff, engineers, or even our CEO cannot view your encrypted data.
(2) To protect against any anticipated threats or hazards to the security or integrity of such records.
By Using Giga Vault Storage you can be assured that you are complying with accepted best practices in the IT industry, as to redundant offsite storage of data and its security. This ensures that if your primary place of business is disrupted or destroyed by a disaster (fire, flood, etc.) or cyber attack, you will be able to resume business with minimum disruption to your continuity and data integrity.
If your backup solution uses in house storage or you use a backup solution that stores the data in only one offsite location you are not following accepted industry best practices. In the event of a disaster that causes the loss or theft of your data such a lapse of accepted best practices may open your company up to egregious civil and criminal litigation.
(3) To protect against unauthorized access to or use of such records or information which could result in substantial harm or inconvenience to any customer.
How many times have you heard on the news about another cyber security lapse and customer personal information being stolen from another financial institutions data center? This would never be a problem if self-encrypting software and drives had been used for storing the data. At Giga Vault Storage all of your data is encrypted on the fly via our software and stored that way in our secure data centers, which are under 24-hour surveillance and monitoring.