Tivoli Systems Inc., San Francisco, an IBM company, has introduced privacy management software to help banks and other organizations comply with regulations in the Financial Services Modernization Act.
Financial institutions in the United States have until July 1 to comply with the law, also known as the Gramm-Leach-Bliley Act, according to the Federal Trade Commission.
This legislation limits the instances in which a financial institution may disclose nonpublic personal information about a consumer to third parties. It also requires a financial institution to disclose to all customers its privacy policies and practices with respect to information sharing with both affiliates and unaffiliated third parties. Organizations also must provide a method for consumers to opt out of third-party sharing of their information.
Tivoli SecureWay Privacy Manager provides the software technology that helps financial institutions enforce their privacy policies and practices. Using this software, financial institutions can limit access to personally identifiable information based on the role of the user attempting access and the data.