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Gramm-Bliley Act Of 1999 (FSMA)

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Recommended: Advancement in technology

Over time, “computer and information technology (IT) for gathering, storing, manipulating, and communicating data are revolutionizing the use and spread of information” (Lynch, 1994, para. 1), in which IT is making the world that has become more open, “ubiquitous in the lives of people across the global” (Sullings, 2014, para. 1). Along the way, every advancement in information technology (IT) is accompanied by ethical issues (Mehrotra, 2012, p. 419). The fundamental ethic issues in IT are the privacy, property, accuracy, and use of individuals’ personal sensitive information. The Fair Credit Reporting Act of 1970 (FCRA); and the Financial Services Modernization Act of 1999 (FSMA), which also known as Gramm-Leach-Bliley Act of 1999 (GLBA) are two examples of important pieces of legislation regarding the financial industry and privacy. These two legislations have been created as a direct response to consumer privacy and security protections in the advancements of IT that resulted in new ethical issues. …show more content…

The “inadvertent loss of personal financial data” (Reynolds, 2014, p. 135), will result in a high risk of loss of privacy and security protections when accessing many of these financial products and services. According to Ethics in Information Technology (Reynolds, 2014), “The FCRA regulates the operations of credit-reporting bureaus... is designed to ensure the accuracy, fairness, and privacy of information gathered by the credit-reporting companies…” (Reynolds, 2014, pp. 135-136). In other words, the FCRA was created to protect consumers from the possible misuse of individuals’ personal information, such as employment, housing, and

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