The Gramm-Leach-Bliley Act and Document Disposal

The Gramm-Leach-Bliley Act and Document Disposal

The Gramm-Leach-Bliley Act requires financial institutions and companies that offer consumers financial products or services like loans, financial or investment advice, or insurance, to explain their information-sharing practices to their customers and to safeguard sensitive data.

Dispose of customer information in a secure way and, where applicable, consistent with the FTC’s Disposal Rule. For example:

Consider designating or hiring a records retention manager to supervise the disposal of records containing customer information. If you hire an outside disposal company, conduct due diligence beforehand by checking references or requiring that the company be certified by a recognized industry group.

Burn, pulverize, or shred papers containing customer information so that the information cannot be read or reconstructed.
Destroy or erase data when disposing of computers, disks, CDs, magnetic tapes, hard drives, laptops, PDAs, cell phones, or any other electronic media or hardware containing customer information.

Detecting and Managing System Failures. Effective security management requires your company to deter, detect, and defend against security breaches. That means taking reasonable steps to prevent attacks, quickly diagnosing a security incident, and having a plan in place for responding effectively.

If you don’t have a document disposal program in place, contact Ranger Shredding to help you design a plan specific to your needs.

The Gramm-Leach-Bliley Act and Document Disposal

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