What does the Gramm-Leach-Bliley Act (GLBA) ensure for financial businesses?

The Gramm-Leach-Bliley Act (GLBA) plays a crucial role in safeguarding customer data within the financial services sector. Specifically, the act mandates that financial institutions protect the privacy of their customers' personal information. This includes providing consumers with clear privacy notices explaining how their information is collected, used, and shared, as well as giving them the ability to opt out of certain types of data sharing.

The focus on privacy means that businesses are held to specific standards regarding the treatment of personal data, fostering an environment where customer trust is paramount. Hence, the correct response highlights the GLBA's primary intention to protect the privacy of customer data, ensuring that financial entities take appropriate measures to safeguard sensitive information.