GLBA
U.S. law for financial privacy notices and data safeguards
ISO 30301
International standard for management systems for records
Quick Verdict
GLBA mandates privacy notices and security for US financial institutions, while ISO 30301 provides voluntary records management certification for any organization. Companies adopt GLBA for legal compliance; ISO 30301 for governance, auditability, and efficiency.
GLBA
Gramm-Leach-Bliley Act (GLBA)
Key Features
- Mandates privacy notices and opt-out for NPI sharing
- Requires comprehensive information security program with safeguards
- Broad scope to non-bank financial institutions and activities
- Designates Qualified Individual for program oversight and reporting
- 30-day FTC breach notification for 500+ consumers
ISO 30301
ISO 30301:2019 Management systems for records requirements
Key Features
- High-Level Structure for integrable management systems
- Normative Annex A operational records controls
- Explicit records requirements identification (Clause 4.1.2)
- Flexible conformity pathways including certification
- Risk-based planning with measurable objectives
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) is a U.S. federal regulation enacted in 1999. It establishes privacy and security standards for financial institutions handling nonpublic personal information (NPI). Primary purpose: protect consumer financial data through transparency and safeguards. Adopts a risk-based approach via Privacy Rule and Safeguards Rule.
Key Components
- **Privacy Rule (16 C.F.R. Part 313)Notices, opt-outs for nonaffiliate sharing.
- **Safeguards Rule (16 C.F.R. Part 314)Written security program with administrative, technical, physical controls.
- **Pretexting provisionsAnti-social engineering protections. Core elements include Qualified Individual designation, annual board reports, vendor oversight. No certification; enforced via FTC and regulators.
Why Organizations Use It
Mandatory for covered entities; avoids penalties up to $100,000/violation. Enhances risk management, customer trust, operational resilience. Builds competitive edge in financial services via proven data protection.
Implementation Overview
Phased: scoping, risk assessment, controls (encryption, MFA), training, testing. Applies to banks, non-banks (tax firms, auto dealers). U.S.-focused; requires ongoing audits, breach reporting within 30 days.
ISO 30301 Details
What It Is
ISO 30301:2019 is an international certifiable standard titled Information and documentation — Management systems for records — Requirements. It specifies requirements for establishing, implementing, maintaining, and improving a Management System for Records (MSR). The primary purpose is to ensure organizations create, control, and manage reliable evidence of business activities supporting mandate, mission, and goals. It uses a risk-based management system approach aligned with the High-Level Structure (HLS).
Key Components
- **HLS clauses 4–10Context, leadership, planning, support, operation, performance evaluation, improvement.
- **Clause 8 and Annex A (normative)Records lifecycle processes, controls, systems.
- Built on ISO 15489 principles (authenticity, reliability, integrity, usability).
- Flexible conformity: self-declaration, external confirmation, third-party certification.
Why Organizations Use It
- Enhances governance, compliance, risk management (legal, regulatory).
- Improves efficiency, auditability, transparency.
- Builds stakeholder trust, supports business continuity.
- Integrates with ISO 9001, 27001 for competitive advantage.
Implementation Overview
- Phased: gap analysis, policy design, operational controls, audits.
- Applicable to any organization size/sector.
- Involves training, resources, measurable objectives; certification optional via accredited bodies.
Key Differences
| Aspect | GLBA | ISO 30301 |
|---|---|---|
| Scope | Consumer financial privacy and security | Records management system governance |
| Industry | Financial institutions, non-banks (US) | Any organization worldwide |
| Nature | Mandatory US federal regulation | Voluntary certifiable standard |
| Testing | Risk assessments, penetration testing | Internal audits, management reviews |
| Penalties | Up to $100k per violation, imprisonment | No legal penalties, certification loss |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about GLBA and ISO 30301
GLBA FAQ
ISO 30301 FAQ
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