What does the Gramm-Leach Bliley Act (GLBA) focus on?

The Gramm-Leach Bliley Act (GLBA) primarily focuses on ensuring data security in the financial industry. It was enacted to promote the protection of consumers' personal financial information held by financial institutions. The act requires these institutions to explain their information-sharing practices and to safeguard sensitive data, thereby enhancing consumer privacy. This includes implementing measures for managing customer data securely, which is crucial in an industry that handles vast amounts of personal and financial information.

By prioritizing data security, the GLBA aims to prevent unauthorized access and ensure that consumers' private financial details are protected against breaches and misuse. This focus aligns with the act's broader goal of maintaining consumer trust in financial organizations by ensuring that they responsibly manage and protect the information they collect.