GLBA
US federal law for financial privacy and safeguards
ISO 14064
International standard for GHG quantification, reporting, verification.
Quick Verdict
GLBA mandates privacy notices and security programs for US financial firms to protect NPI, enforced by FTC penalties. ISO 14064 provides voluntary global standards for credible GHG inventories and verification. Companies adopt GLBA for compliance, ISO 14064 for sustainability credibility.
GLBA
Gramm-Leach-Bliley Act (GLBA)
Key Features
- Mandates privacy notices and opt-out for NPI sharing
- Requires comprehensive risk-based safeguards program
- Designates Qualified Individual with board reporting
- Imposes 30-day FTC breach notification rule
- Broad scope for non-bank financial institutions
ISO 14064
ISO 14064: GHG quantification and reporting
Key Features
- Five principles: relevance, completeness, consistency, transparency, accuracy
- Three-part structure: organizational inventories, projects, verification
- Scope 1-3 emission boundaries and categorization
- Risk-based third-party validation and verification
- Equity/operational control boundary approaches
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
GLBA Details
What It Is
Gramm-Leach-Bliley Act (GLBA) is a US federal regulation enacted in 1999 for financial modernization. It mandates privacy protections and data security for nonpublic personal information (NPI) handled by financial institutions. Scope covers broad financial activities via Privacy Rule and Safeguards Rule, using a risk-based approach.
Key Components
- Privacy Rule (16 C.F.R. Part 313): notices, opt-outs for nonaffiliated sharing.
- Safeguards Rule (16 C.F.R. Part 314): written security program with 9+ elements like risk assessment, Qualified Individual, board reporting, vendor oversight.
- **Pretexting provisionsanti-social engineering protections. Compliance via FTC enforcement for non-banks; no certification, but audits expected.
Why Organizations Use It
Legal mandate for financial entities reduces enforcement risks (fines up to $100K/violation). Enhances customer trust, operational resilience, vendor management. Strategic benefits include regulatory alignment, breach preparedness, competitive edge in finance.
Implementation Overview
Phased: scoping, risk assessment, policies, technical controls (encryption, MFA), training, testing. Applies to banks, non-banks (tax firms, auto dealers); global if US NPI involved. Ongoing audits, annual reporting required.
ISO 14064 Details
What It Is
ISO 14064 is an international standard family (Parts 1-3:2018-2019) providing specifications and guidance for quantifying, reporting, and verifying greenhouse gas (GHG) emissions and removals. It is a voluntary framework emphasizing principle-based approaches for organizational inventories (Part 1), project-level reductions (Part 2), and independent assurance (Part 3).
Key Components
- Three modular parts covering inventories, projects, verification.
- Five core principles: relevance, completeness, consistency, transparency, accuracy.
- Boundaries (organizational/operational, Scopes 1-3), baselines, monitoring.
- Third-party validation/verification with reasonable/limited assurance levels.
Why Organizations Use It
- Enables regulatory compliance (e.g., CSRD, SB-253), investor trust, carbon markets.
- Drives decarbonization insights, risk mitigation, competitive differentiation.
- Builds stakeholder credibility via auditable GHG statements.
Implementation Overview
- Phased: governance, boundary setting, data collection, verification.
- Applies to all sizes/industries; integrates with ISO 14001.
- Optional third-party assurance enhances credibility. (178 words)
Key Differences
| Aspect | GLBA | ISO 14064 |
|---|---|---|
| Scope | Consumer financial privacy and data security | GHG emissions quantification, reporting, verification |
| Industry | Financial institutions (broad, activity-based) | All sectors worldwide (universal applicability) |
| Nature | US federal law with FTC enforcement | Voluntary international standardization standard |
| Testing | Risk assessments, pen tests, board reporting | Independent validation/verification engagements |
| Penalties | Up to $100k per violation, imprisonment | No legal penalties, loss of credibility |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about GLBA and ISO 14064
GLBA FAQ
ISO 14064 FAQ
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