Why This Privacy Law is Important:
The settlement provides a valuable vendor management lesson to all businesses. While this violation is specifically about financial services institutions, effective vendor risk management is an absolutely critical component in any business’ security program.
Texas-based Ascension Data & Analytics LLC, a technology and data analytics company used by the mortgage industry, did not assess process risks of their third party vendors. As a result, they recently entered into a proposed settlement agreement with the Federal Trade Commission (FTC) following charges that it violated the Gramm-Leach- Bliley Act’s (GLBA) Safeguards Rule by failing to ensure that its third-party vendor adequately protected mortgage holder personal information.
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