Gramm Leach Bliley Act

On February 27, 2018, the FTC announced an agreement with PayPal, Inc., to settle charges that its Venmo peer-to-peer payment service misled consumers regarding privacy and the extent to which consumers’ financial accounts were secured. This signals a renewed focus by the FTC on violations of the Gramm-Leach-Bliley Act’s Privacy and Safeguards Rules.
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On November 8, 2017, the FTC announced a settlement with Georgia-based online tax preparation service, TaxSlayer, LLC, regarding allegations that the company violated federal rules on financial privacy and data security. The FTC charged TaxSlayer with violating the Gramm-Leach-Bliley Act’s Safeguards Rule and Privacy Rule.
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On October 25, 2016, the Federal Trade Commission released a guide for businesses on how to handle and respond to data breaches. The 16-page guide details steps businesses should take once they become aware of a potential breach. The guide also underscores the need for cyber-specific insurance to help offset potentially significant response costs.
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