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INTRODUCTION
There are several key concerns to focus on when managing any amount of data that involves a customer base and Third Star Financial is no different. The company manages extremely sensitive data, and it is vital that this data is responsibly managed and secure while adhering to government requirements. As a financial company, there are additional restrictions the company faces enforced by the Federal Trade Commission. Knowing what these restrictions and requirements are will enable the company to ensure both compliance and proper security. This paper will discuss the restrictions of these laws and the ethical issues that the company will face when implementing proper data security.
RESTRICTIONS
First, it is important to discuss several of the federal laws that will restrict the way the company will operate but are vital for both auditing purposes and security purposes. One of these laws, the
Financial Modernization Act of 1999, or the Gramm-Leach-Bliley Act, contains the proper procedures for obtaining and revealing any aspects of the buyer’s monetary data. Within this act, the Safeguards Rule states that the company responsible for the consumer’s data is required to mitigate any security risks to this data. One of the methods that Third Star Financial should implement to mitigate security risks is to ensure that only the employees who require access to this monetary information can access it. On the other hand, another control to implement is that the customer can only access their information and no one else's. Auditing both controls will mitigate many security risks such as theft, unauthorized access, and if an employee’s account is accessed by a malicious actor. In doing so, Third Star Financial can start to ensure that they are compliant with laws like the Gramm-Leach-Bliley Act. Following up with these processes, the
