How financial firms handle, and store finances and data are a far cry from what it used to be about a decade back. For example, in today’s competitive world banks need to be more data-driven than ever before. This is critical to acquire more customers and deliver the best experiences. Becoming nimble, accelerating revenues, and improving customer experiences have been the primary drivers for financial firms to implement digital transformation projects. But increased adoption of cloud, IoT, mobile applications etc. has led to an exponential growth of data. With increasing incidents of data breaches being reported, the financial industry comes under more intensive scrutiny from government regulators and authorities concerned. The Gramm-Leach-Bliley Act is one such regulation that’s designed to provide consumers of financial organizations with the much-needed data privacy.
What is Gramm-Leach-Bliley Act (GLBA)?
The Gramm-Leach-Bliley Act requires financial institutions – companies that offer consumers financial products or services like loans, financial or investment advice, or insurance – to explain their information-sharing practices to their customers and to safeguard sensitive data. Section 501(b) of the GLBA states that financial institutions must take the necessary measures to ensure the confidentiality and integrity of non-public customer information.
What We Do
Encryption and Key Management
Fortanix helps enterprises secure their sensitive data and achieve privacy compliance with a cloud-based integrated solution for Tokenization, Key Management and Encryption.
Confidential computing protects data and applications by running them in secure enclaves that isolate the data and code to prevent unauthorized access, even when the compute infrastructure is compromised.
Comply with regulations by substituting electronically protected information and non-public personal information (NPPI) using a tokenized value.
How Fortanix can help you meet GLBA compliance?
Adopt a data security approach that is cloud-scale and pervasive in nature.
Fortanix manages encryption across on-premises, hybrid, and multiple public cloud environments, enabling customers to provide consistent data protection and migrate apps to any cloud environment.
Enforce authentication and role-based granular controls
Greater control over access with capabilities like Ownership and Control of Keys through External Key Management capability, Role-Based Access Controls, Quorum-Based Approvals. Fortanix offers different authorization mechanisms including time-based, role-based, key-based, quorum-based and LDAP authorization
Get exclusive control over your data with Bring Your Own Key/ Key Management System (BYOKMS)
BYOK/KMS provides organizations with exclusive control over who can see and access the cloud data. This is very important as it allows organizations to safely migrate applications to the public cloud and comply with regulations such as the GLBA. In the shared infrastructure of the public cloud environments, BYOKMS can significantly reduce violation and misuse of keys including by cloud insiders and authorities.
Enforce extensive logging and auditing of data and access across your infrastructure.
All access to personal data can be automatically logged into a centrally viewable tamper-proof global audit trail to never have any dispute about who accessed which data and when.
Store data encryption keys within a FIPS 140-2 level 3 certified Hardware Security Module (HSM)
Banking and financial services data is best protected if the encryption keys are stored in FIPS 140-2 Level 3 validated HSMs. FIPS 140-2 Level 3 adds requirements for physical tamper-resistance (making it difficult for attackers to gain access to sensitive information contained in the module) and identity-based authentication.
Lock down your data with Confidential Computing and prevent financial fraud
With financial organizations facing a never-ending onslaught of digital fraud and theft, more and more customers are demanding the highest levels of security for their most critical cloud data. Confidential Computing is a new technology that allows organizations to unlock the value of their most private data while keeping it more safe and secure. Organizations can now protect data and applications in use by running them within secure enclaves.