Which statute addresses security and privacy matters in the financial industry?

The Gramm-Leach-Bliley Act (GLBA) is the statute that specifically addresses security and privacy matters in the financial industry. It was enacted to ensure that financial institutions protect the privacy of their customers' personal financial information. GLBA requires financial institutions to implement privacy policies, disclose these policies to customers, and safeguard sensitive information against unauthorized access and use. This includes the necessity for institutions to establish safeguards to protect consumer information from breaches, as well as designating ways to handle data responsibly and transparently.

The other statutes listed focus on different sectors or types of information. For instance, the Family Educational Rights and Privacy Act (FERPA) is concerned with the privacy of student education records. The Sarbanes-Oxley Act (SOX) primarily deals with corporate financial practices and governance in publicly traded companies, emphasizing accuracy in financial reporting. The Health Insurance Portability and Accountability Act (HIPAA) is focused on the protection of health information. Thus, while all these acts are significant in their respective domains, only GLBA applies directly to security and privacy in the financial services sector.