To protect customers’ privacy and security safeguards, the IRS requires the creation of a written information security plan (WISP) or program.
Various issues come into play with the creation of a WISP, such as updating customers on privacy practices and providing them opt out notices as applicable. This course provides detailed information on these and other requirements.
After completing this course, you should be able to:
- Identify how the Gramm-Leach-Bliley Act affects the rulemaking and enforcement authority of the Federal Trade Commission and other federal government agencies as it relates to financial institutions’ data privacy and security practices
- Identify the general requirements of the Safeguards Rule
- Specify the elements that a financial institution is required to consider in creating a written information security program or plan (WISP)
- Identify the general requirements of the Financial Privacy Rule, as it relates to the initial and annual notice requirements, and the opt out rule
- Understand how state governments may impose additional requirements on individuals and businesses as it relates to data privacy and security
