Investor Presentaiton
Qualifying for an exemption under the S.C. Insurance Data Security Act does not exempt a
licensee from protecting PII, PHI or NPI under other state and federal laws such as:
Law
Gramm Leach Bliley Act
Fair Credit Reporting Act/Fair and
Accurate Credit Transactions Act
Information Protected
•
•
Nonpublic financial information
including name, address,
telephone combined with SSN,
DL#, Account number, credit or
debit card number, PINS
Credit information; businesses
cannot publish more than five
digits of a payment card number
Businesses that use this
information must properly
dispose of it
Penalties
Civil monetary penalties; fines and
imprisonment for individuals who
secure info through fraudulent
means. Institution: $100,000 for
each violation; Officers and
Directors $10,000 each violation
Civil monetary penalties for violation
of orders, $40,000; violation of the
duty to correct and update
information, $3756 per violation.
Federal Trade Commission Act
HIPAA
.
Failure to comply with privacy
policies
•
Injunctions; restitution for
consumers; repayment for
Failure to provide reasonable and investigation and prosecution costs;
appropriate protection for
sensitive consumer information
Civil penalties: $40,000 per violation
•
Protected health information
Penalties based on different
categories and range from a
minimum fine of $100 to $50,000
per record or violation; max: $1.5MView entire presentation