Proposed Amendments to Regulation S-P Safeguard & Disposal Rules: Risk Mitigation and Compliance Solutions for Organizations Falling Under SEC Rules
Source: Perimeter eSecurity
The Securities and Exchange Commission (SEC) currently has a series of Safeguards and Disposal Rules (Section 30a of Regulation S-P) that requires institutions to adopt written policies and procedures to safeguard customer records and information. The safeguards are required to be reasonably designed to meet the objectives of the Gramm-Leach-Bliley Act ("GLBA"). The disposal rule, requires institutions to protect against the improper disposal of consumer report information. The SEC believes that due to the increasing number of security breaches, a review of these rules is warranted. The proposed amendments are designed to strengthen the safeguards and disposal rules.