Did you know when one person's need for access clashes against another person's invasion of privacy, the latter wins out, according to the Federal Trade Commission and Internal Revenue Service.
That's one big reason you won't want to miss this week's "QB Talks."
With the rules promulgated by these federal agencies in response to the Gramm-Leach-Bliley Act, an individual's expectation of privacy of the information they provide as part of a financial transaction in the conduct of business must be safeguarded from disclosure.
Collectively, the requirements of these agencies are geared to "protect against ‘any’ unauthorized access to, or use of, personal identification information so as to create a substantial risk of identity theft, or fraudulent or harmful use of such information."
As a result, businesses that collect any individual's personal identification information as part of conducting any financial transaction in the course of business (including, but not necessarily limited to) their name, address, date-of-birth, income, Social Security number, driver’s license or state issued ID number(s), email addresses, residential or mobile contact information and other information on financial transmittals (such as bank account numbers, bank routing information, credit or debit card numbers, with or without security code, access codes, personal identification numbers, passwords, etc.) must securely maintain such personal information which comes into their possession during the conduct of business.
The regulations promulgated make it clear that any person whose personal information is obtained in the course of business has a "reasonable expectation of privacy regarding their information" unless they specifically authorize the release of that information to another party other than the person(s) with whom they are conducting business involving any financial transaction(s).
So the questions become:
- How to safeguard such information?
- How to document your processes to ensure such information is restricted from access and limited to only those with an "essential need" for such information for legitimate business purposes?
- And how to protect yourself with respect to these two regulatory agencies which can impose both civil and criminal penalties for failure to follow the rules?
Kristen Nies Ciraldo and Kelly Gonsalves will tackle the issues of FTC Safeguards and IRS form 4557 during this quarter's "QB Talks: App Neighborhood Watch" this Wednesday, July 19 at 2 p.m. (EST). Register HERE.
Their goal will be to help you with compliance by introducing and discussing some of the apps that can ensure you are meeting these regulatory requirements.
Since the vast majority of mandates related to these requirements went into effect on June 9, 2023, you better not miss this edition of "QB Talks" unless you are fully confident you are already 100% compliant.
Remember, you can register HERE for this Wednesday's informative webinar.
Webinar notes will be available only after the airing on the App Neighborhood Watch Community Center page, along with items and links mentioned in previous broadcasts.
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