Information Security Management - FACTA, GLBA and HIPAA Compliance
Unfortunately, information security management due to document theft has become a much bigger issue in recent years. To protect your privacy, the government has passed laws for handling information security, and more are on the way. Awareness of the problem and its ramifications and solutions is just smart business.
It's the Law
Improper disposal of important information can result in a security breach like
the theft of intellectual property. In addition, there is a growing list of
regulations that address information security, privacy and document retention
that must be understood by businesses. Non-compliance can result in serious
legal problems from violations of:
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FACTA [Fair and Accurate Credit Transactions Act]
New law requiring anyone retaining consumer information for business purposes
to destroy the personal information before discarding it.
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GLBA [The Gramm-Leach-Bliley Act]
Requires banking and financial institutions across the United States to
describe how they will protect the confidentiality and security of consumer
information.
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HIPAA [Health Insurance Portability and Accountability Act]
Requires healthcare providers and hospitals to protect patients' privacy and to
ensure the security of patient/client health data. This process is known as HIPAA Compliance.
Who Must Comply
These laws affect virtually all businesses. Your business is held responsible
for protecting information if:
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You employ one or more people
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Your business keeps personal information on file for customers or employees
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Your business accepts credit cards for payment
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You buy or sell products on the Internet
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You do a credit check on an employee or potential customer
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