White Papers for Gramm Leach Bliley Act (GLBA)

Operationalizing Security and Policy Compliance

Qualys

At the heart of all data transactions is a trust between buyer and seller, employer and employee, corporation and shareholder. We trust that the relationship between the owners of personal data, the corporations that hold it in custody, will be protected—that data will not be manipulated, given to, or taken by unauthorized third parties. In a recent article entitled Information Security: The Stealth Fiduciary Obligation, author Al Krachman suggests that “directors and officers have a fiduciary duty to maintain the highest standards of information security for their companies, and that security failures of a material nature may not only be
actionable by shareholders, but also reportable events for certain public companies.” Unfortunately, intentional or not, that trust is violated when information is lost, compromised or manipulated. The complexities of our data relationships make the risk of this happening very high and in some instances, due to the notoriety of the incident, regulatory mandates have been put in place to ensurethat corporations take a more active role in maintaining the fiduciary responsibility for data entrusted to them.

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