Secure protection of your confidential information is essential when you must adhere to strict government rules and regulations
- The privacy provisions require that financial institutions and insurance companies give consumers prior notice of an intention to share personal information and a chance to opt out of the sharing of such information.
- these institutions and companies need to “respect the privacy of its customers and to protect the security and confidentiality of those customers’ non-public information.”
- The Safeguard Rule recommends that paper documents containing such personal information should be protected and safely destroyed.
- requires all financial institutions to design, implement and maintain safeguards to protect customer information.
- applies not only to financial institutions that collect information from their own customers, but also to financial institutions — such as credit reporting agencies — that receive customer information from other financial institutions.