Certified Information Privacy Manager (CIPM) 2025 – 400 Free Practice Questions to Pass the Exam

The Gramm-Leach-Bliley Act (GLBA) primarily seeks to ensure that consumers are informed about how their personal information is being used and shared by financial institutions. A significant aspect of this act is to provide consumers with rights regarding their data, especially in terms of how it can be shared with third parties. The act requires financial institutions to provide privacy notices to customers, informing them about their data practices and giving them the opportunity to opt-out of sharing their information with non-affiliated third parties. This framework empowers consumers by ensuring they have a say over their personal information, thus promoting transparency and accountability in how financial institutions handle data.

The other aspects reflected in the options, such as eliminating all data privacy concerns or mandating data sharing, do not align with the objectives of the GLBA. The act does not entirely remove privacy concerns; rather, it addresses and manages them by setting guidelines. Additionally, it does not require the sharing of consumer data among institutions; instead, it focuses on consumer consent and notifies them of their data-sharing rights.