Businesses and their Responsibilities
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Businesses are NOW legally liable for loss of personal data.
Businesses, Insurance Companies, CPAs, Medical Treatment Facilities, Financial Institutions, Churches, Schools, Universities and many other entities must comply with the New State and Federal Laws. Many businesses and other entities may need to revisit, rewrite and reinforce their policies on protection of personal data.
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For more information on Quincy's identity theft training and educational presentations for businesses, schools, churches, universities, financial institutions, medical facilities, organizations and other groups, contact Quincy. |
Laws to Protect Non-public Personal Information
| Violations of the following federal laws include hefty federal and state fines as high as $1 million per occurrence, civil liability for victim losses (including class actions), and in some instances the legislation provides for removal and imprisonment of culpable business executives. |
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Fair and Accurate Credit Transactions Act Disposal Rule
This provision of FACTA requires reasonable measures to protect against unauthorized access to or use of consumer information in connection with its disposal. This rule applies to any person that maintains or possesses consumer information, and it applies to individuals such as landlords, all businesses, and entities (government and non-profits) that possess consumer information. Employees are considered consumers under the law.
FACTA Law: The law affects any person or business that possesses consumer information. This includes consumer reporting agencies, lenders, employers, landlords, government agencies, mortgage brokers and automobile dealers - just to name a few.
FACTA Law liability could result in devastating financial damages for companies large and small. Employment records prove ripe source for identity theft.
Stephanie Armour, USA TODAY |
Gramm-Leach-Bliley Act (8 Federal Agencies and any State can enforce this law)
The GLBA Safeguards Rule requires any financial institutions to implement policies and procedures to maintain the security and confidentiality of nonpublic personal information.
Health Insurance Portability and Accountability Act (HIPAA)
HIPAA rules apply to any individual or organization that collects or retains protected health information in paper or electronic form. It also requires all businesses with small self-insured or fully-insured health plans to maintain the confidentiality, integrity, and security of employee health information.
H.I.P.A.A. Security Rule ( April 21, 2005 and rule's scope broadens on April 21, 2006 ) Applies to any Organizations or Individuals who retain or collect health information.
In fact, mandatory training for employees who have access to Non-Public Information is required by federal law.
According to Betsy Broder, assistant director of the FTC's newly formed Division of Privacy and Identity Protection, "We're not looking for a perfect system. But we need to see that you've taken reasonable steps to protect your customers' information". |
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