You must complete the assignment in a Word document and then upload it to the assignment area for grading. Remember, you must cite and reference sources. Your answer must be a minimum of 2 full pages in length following APA guidelines. For this assignment you will be tasked with researching the Gramm-Leach Bliley Act and HIPPA. In doing so, you must answer the below questions in your own words: 1. Please explain the Gramm-Leach Bliley Act. You must explain the background and history of the Act. 2. Research and discuss a case outside of the book and lecture notes in regard to the Gramm-Leach Bliley Act. 3. How would you define the major parts of the privacy requirements: the Financial Privacy Rule, the Safeguards Rule, and the pretexting provisions? (Write a minimum of 1-paragraph for each). 4. Research and discuss a case outside of the book and lecture notes in regard to HIPPA? 5. Who is protected by HIPPA? Who must comply with HIPPA? 6. What is the relevance of health care plans, providers and clearinghouses?

The Gramm-Leach Bliley Act (GLBA), also known as the Financial Modernization Act of 1999, is a United States federal law that regulates the financial services industry. It was enacted in response to the changing landscape of the financial industry and the need to provide consumers with greater protection and privacy concerning their personal financial information. The act repealed certain provisions of the Glass-Steagall Act, which had previously separated commercial banking from investment banking.

The GLBA has three key provisions: the Financial Privacy Rule, the Safeguards Rule, and the pretexting provisions. These provisions aim to enhance the privacy and security of consumers’ personal financial information. The Financial Privacy Rule requires financial institutions to inform customers about their privacy policies and practices and gives customers the opportunity to limit the sharing of their personal information with non-affiliated third parties. In addition, the rule prohibits financial institutions from sharing customer account numbers or other personal identifying information without the customer’s consent.

The Safeguards Rule requires financial institutions to develop and implement a comprehensive information security program. This program must include safeguards to protect the security, confidentiality, and integrity of customer information. The rule also mandates that financial institutions must assess and adjust their security program based on changes in technology and potential risks to customer information.

The pretexting provisions of the GLBA aim to prevent individuals from obtaining personal financial information through false pretenses or impersonation. These provisions prohibit the fraudulent obtaining of customer account information and make it illegal to use false, fictitious, or fraudulent statements or documents to obtain personal financial information.

One case that exemplifies the impact of the GLBA is the ChoicePoint data breach in 2005. ChoicePoint, a data aggregation company, suffered a security breach that resulted in the theft of personal data, including Social Security numbers and driver’s license information, of approximately 163,000 consumers. This incident revealed the vulnerabilities in data security practices and raised concerns about the integrity of personal information held by data aggregators. The aftermath of this breach prompted the Federal Trade Commission (FTC) to take action against ChoicePoint, leading to investigations and audits of the company’s data security practices. The case highlighted the need for stronger safeguards and proactive risk management in the financial services industry.

Moving on to the Health Insurance Portability and Accountability Act (HIPAA), it is a federal law enacted in 1996 to protect the privacy and security of individuals’ health information. HIPAA applies to covered entities, which include health plans, healthcare providers, and healthcare clearinghouses. Health plans refer to health insurance companies or any other entity that pays for healthcare services, while healthcare providers are individuals or organizations that provide medical services. Healthcare clearinghouses process non-standard health information into standard formats for submission to health plans.

HIPAA protects individually identifiable health information, known as protected health information (PHI), from unauthorized disclosure. It sets standards for the use, disclosure, and handling of PHI by covered entities and their business associates. The law grants individuals certain rights over their health information, such as the right to access their medical records and the right to request amendments to incorrect information.

One prominent case involving a violation of HIPAA is the 2014 UCLA Health System cyber-attack. The breach compromised the data of 4.5 million patients, including names, Social Security numbers, medical record numbers, and other sensitive information. The incident led to investigations by the Office for Civil Rights (OCR) and resulted in UCLA Health System agreeing to a settlement of $7.5 million, the largest HIPAA settlement at that time. This case highlights the serious consequences of failing to adequately protect patient information and the importance of cybersecurity measures in the healthcare industry.

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