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IAPP CIPP/US Practice Exam

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What are the three key rules of the Gramm-Leach-Bliley Act?
  1. Financial Privacy Rule, Privacy Shield, and Financial Security Rule
  2. Financial Privacy Rule, Safeguards Rule, and Pretexting provisions
  3. Safeguards Rule, Privacy Shield, and Banking Holding provisions
  4. Safeguards Rule, Financial Privacy Rule, and Financial Security Rule
Explanation
Answer: B - The GLBA is also known as the Financial Modernization Act. The act consists of three key rules. These key rules include the Financial Privacy Rule, which regulates the collection of releasing of private financial information; the Safeguards Rule, which stipulates that financial service providers and institutions must implement programs to secure and protect information; and Pretexting provisions, which prohibit access to private financial information under false pretenses.
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