We Can Help With Business Compliance

Majestic Security, LLC, in partnership with the FTC, offers a "basic compliance program" designed to educate you and your employees on the security measures and proper handling of non-public information required under these new laws, and by the FTC. For more information contact Majestic Security, LLC by E-Mail or call: 888-331-2332.

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The Federal Trade Commission has determined that most of the information stolen is taken from the workplace. In an effort to stop, or at least slow down these mounting occurrences, old laws have been revised and new ones created, that compel businesses who handle non-public information to be much more responsible. These laws put most businesses directly in the line of fire and carry large fines and penalties.

1. The Gramm, Leach, Bliley Safeguard Rule (GLB) applies to any organization that maintains personal financial information about a client or customer. The GLB states that any non-public information lost, due to non-compliance of the law, may result in fines up to $1,000,000 per occurrence, the removal of management, and executives could be held accountable for non-compliance both civilly and criminally.

2. The Fair & Accurate Credit Transaction Act (FACTA), like the GLB, applies to any business or individual who maintains or possess consumer information for a business purpose. Under this act, employee or customer information lost under the wrong set of circumstances could cost your company Federal and State Fines of $2500 per occurrence; civil liability of $1000 per occurrence; class action lawsuits with no statutory limitation and responsibility for actual losses by individuals.

According to the Federal Trade Commission, "Every company must adopt a policy to protect employees, customers, contractors and the company from damages related to the loss or misuse of sensitive information."

3. F.A.C.T.A. Red Flag Rule. The final rule requires each financial institution and creditor that holds any consumer accounts, or other account for which there is reasonably foreseeable risk of identity theft, to develop and implement a written Identity Theft Prevention Program for combating identity theft in connection with the opening of new accounts and the maintenance of existing accounts. The Program must include reasonable policies and procedures for detecting, preventing, and mitigating identity theft of it's customers.

An additional IMPACT ON BUSINESS occurs when an employee suffers an identity theft. The FTC estimates that it takes an average of 600 hours for an individual to clear up the mess on his or her own. Since they have to deal with 9 to 5 Government agencies, most of those hours are during the work day, causing companies to lose productivity. In most cases the employer is unaware this is even happening.

See who's been breached: Chronology of Breaches

For more information contact Majestic Security, LLC
E-Mail or call: 888-331-2332.

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