GLBA
U.S. law for financial privacy notices and safeguards
ISO 22301
International standard for business continuity management systems.
Quick Verdict
GLBA mandates privacy notices and NPI safeguards for US financial firms, enforced by FTC with heavy penalties. ISO 22301 provides voluntary BCMS framework for global resilience via PDCA cycles. Companies adopt GLBA for compliance, ISO 22301 for disruption recovery.
GLBA
Gramm-Leach-Bliley Act (GLBA)
Key Features
- Privacy notices and opt-out for nonaffiliated NPI sharing
- Comprehensive risk-based information security program mandate
- Broad activity-based definition of financial institutions
- Qualified Individual designation with board reporting
- 30-day FTC breach notification for 500+ consumers
ISO 22301
ISO 22301:2019 Business continuity management systems — Requirements
Key Features
- PDCA cycle with Annex SL high-level structure
- Business Impact Analysis (BIA) and Risk Assessment (RA)
- Leadership commitment and BCMS policy requirements
- Operational planning, testing, and exercises
- Performance evaluation and continual improvement
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
GLBA Details
What It Is
The Gramm-Leach-Bliley Act (GLBA), enacted in 1999, is a U.S. federal regulation establishing privacy and security standards for financial institutions handling nonpublic personal information (NPI). It uses a dual-track, risk-based approach via the Privacy Rule (16 C.F.R. Part 313) and Safeguards Rule (16 C.F.R. Part 314), plus pretexting protections.
Key Components
- **Privacy RuleInitial/annual notices, opt-out for nonaffiliated sharing.
- **Safeguards RuleWritten security program with administrative, technical, physical safeguards; Qualified Individual oversight; annual board reports.
- Pretexting prohibitions. Built on transparency, choice, and protection principles; enforced by FTC for non-banks; no formal certification but audit/compliance model.
Why Organizations Use It
Mandated for broad financial entities (banks, non-banks like tax firms, auto dealers); mitigates enforcement penalties (up to $100K/violation); enhances risk management, customer trust, vendor oversight; provides competitive edge via demonstrated resilience.
Implementation Overview
Phased: scoping, risk assessment, policy development, technical controls (encryption, MFA), training, testing, continuous monitoring. Applies to U.S. financial activities; requires evidence for FTC exams; scalable for size/complexity.
ISO 22301 Details
What It Is
ISO 22301:2019 is the international standard specifying requirements for a Business Continuity Management System (BCMS). It provides a framework to protect against, respond to, and recover from disruptions, ensuring continuity of critical products and services. Built on the PDCA (Plan-Do-Check-Act) cycle and Annex SL high-level structure (HLS), it adopts a risk-based approach through Business Impact Analysis (BIA) and risk assessment (RA).
Key Components
- Clauses 4-10 cover context, leadership, planning, support, operation, performance evaluation, and improvement.
- Core elements: BIA/RA, operational controls, testing exercises, internal audits, and management reviews.
- No fixed controls; flexible for organizational context.
- Certification via accredited bodies with 3-year validity and annual surveillance.
Why Organizations Use It
Drives reduced downtime, cost savings, regulatory compliance (e.g., NIS Directive), and stakeholder trust. Mitigates risks from cyberattacks, disasters, supply chains; lowers insurance premiums, boosts competitiveness.
Implementation Overview
Gap analysis, BIA/RA, policy development, training, testing, audits. Applies to all sizes/sectors; accelerated by platforms like ISMS.online (e.g., 6 months). Two-stage certification process.
Key Differences
| Aspect | GLBA | ISO 22301 |
|---|---|---|
| Scope | Consumer financial privacy and NPI security | Business continuity management system resilience |
| Industry | Financial institutions, non-banks (US) | All industries worldwide |
| Nature | US federal regulation with FTC enforcement | Voluntary international certification standard |
| Testing | Vulnerability/penetration testing annually | Tabletop exercises, audits, simulations |
| Penalties | $100K per violation, imprisonment possible | Loss of certification, no legal penalties |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about GLBA and ISO 22301
GLBA FAQ
ISO 22301 FAQ
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