Financial Institutions, Shredding & GLBA: Legal Shred helps financial institutions to meet and exceed GLBA regulations. Financial companies, including banks, investment firms, accounting offices and even merchant services are hot targets for hackers and data thieves just because of very nature of what they deal with: money, and lots of it. This money belongs to people with sensitive information: social security numbers, addresses – all the pieces that thieves need to steal identity and wreak havoc on a person’s credit.
As the leader in identity protection, Legal Shred helps the financial industry keep their customers safe through our data and paper shredding services.
Our team can help financial experts maintain compliance under The Gramm–Leach–Bliley Act (GLBA). GLBA compliance is mandatory; whether a financial institution discloses nonpublic information or not, there must be a policy in place to protect the information from foreseeable security threats.
GLBA defines financial institutions as: “companies that offer financial products or services to individuals, like loans, financial or investment advice, or insurance.”
Under GLBA, financial institutions must provide their clients with a privacy notice that explains what information the company gathers about the client, where this information is shared, and how the company safeguards that information.
What’s more, financial institutions must put safeguards in place to protect customers’ personal financial information. GLBA isn’t exclusive to just paper information; it also applies to electronic information. Other protective measures include firewalls and encryption software for electronic devices, and the destruction of hard drives and other media when these become obsolete.
Financial institutions aren’t just obligated to protect information, they must have strict policies and procedures for securely destroying the information once it is no longer needed. According to GLBA, disposal practices should be “reasonable and appropriate” such as using document shredding so that private information cannot be read or reconstructed.
Legal Shred helps financial institutions with our document destruction services to securely and completely shred information, preventing unauthorized individuals from gaining access to the financial records of your business or clients.
By using one of our locked security bins in your office and signing up for routine service to destroy outdated files, Legal Shred can assist your company with document retention requirements that meet GLBA regulations.
Legal Shred is knowledgeable in all document destruction laws and can help your practice maintain compliance. We offer same-day and next-day service, as well as routine service without hidden fees or surcharges.