Which act requires financial institutions to ensure the security and confidentiality of customer data and mandates that data must be stored on a secure medium and protected during storage and​ transmittal?.

Answers

Answer 1

Gramm-Leach-Bliley Act requires financial institutions to ensure the security and confidentiality of customer data and mandates that data must be stored on a secure medium and protected during storage and​ transmittal.

The Gramm-Leach-Bliley Act requires financial institutions (companies that provide financial products or services to consumers, such as credit, financial or investment advice, and insurance) to explain their information-sharing practices to their customers and Obliged to protect.

GLBA requires entities that qualify as “financial institutions” to take a number of positive steps to prevent the unauthorized collection, use and disclosure of NPIs. These obligations are imposed by two "rules": (i) Privacy Rules and (ii) Security Rules.

To comply with the GLBA, financial institutions must provide customers with notice of how they share their confidential information and the right to opt out if they do not want their personal information shared with third parties. be notified and apply special protective measures. to personal data in customer accounts.

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Related Questions

What is the purpose of an advance directive?
A. It removes the burden of making end-of-life decisions for loved
ones.
B. It removes the burden of creating a final will.
C. It provides direction for estate planning and distribution.
D. It directs loved ones to make end-of-life care decisions.
SUBMIT

Answers

The correct option is option D. It directs loved ones to make end-of-life care decisions.

What is an Advance directive?

In the event that you are unable to make your own medical decisions, an advance directive is a legal document that specifies how you want those decisions to be made.

An advance directive is intended to direct your healthcare team and loved ones when they must make these decisions on your behalf or to designate who will act on your behalf in the event that you are unable to. Your healthcare team may decide to take special measures or provide emergency care in certain medical decisions. You can plan ahead and decide on the type of care you desire with the use of an advance directive.

Advance directives only apply to decisions regarding medical care; they have no bearing on financial or material considerations. From state to state, there are variations in the legislation governing advance directives.

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Seminole Company began the year with 23,000 units of product in its January 1 inventory costing $15 each. It made four purchases of its product during the year as follows. The company uses a periodic inventory system. On December 31, a physical count reveals that 40,000 units of its product remain in inventory.

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The total cost of the units available for sale during the year equals to $3,150,000.

What is total cost of units?

Basically, an unit cost means the total expenditure incurred by a company to produce, store and sell one unit of a particular product or service. Its includes all of the fixed and variable costs associated with the production of a good or service.

The computation of the number and total cost of units available for sale are as follows:

= 23,000 units in beginning inventory * $15

= $345,000

= 30,000 units purchased * $18

= $540,000

= 39,000 units purchased * $20

= $780,000

= 23,000 units purchased * $25

= $575,000

= 35,000 units purchased * $26

= $910,000

Therefore, for the 150,000 units, the cost available for sale equals to the amount of $3,150,000.

Missing wordings "Mar. 730,000 units at $18 each, May 2,539,000 units at $20 each, Aug. 123,000 units at $25 each, Nov. 1,035,000 units at $26 each. Requirement: Compute the number and total cost of the units available for sale during the year".

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why are so many businessess choosing a limited liability company (LLC) form of ownership?

Answers

A limited liability company (LLC) is a popular choice among small business owners for the liability protection, management flexibility, and tax advantages this form of business entity often provides.

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