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The Gramm-Leach-Bliley Act (GLBA)--also known as the Financial Services Modernization Act of 1999--requires financial institutions to explain their information-sharing practices to their customers and to safeguard sensitive data. The core aim is to prevent and mitigate cyber threats. The Federal Trade Commission (FTC) Safeguards Rule requires covered companies to develop, implement, and maintain an information security program with administrative, technical, and physical safeguards designed to protect customer information.
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