Impacting Laws, Regulations And Contractual Obligations For Critical Information Assets

Impacting Laws, Regulations And Contractual Obligations For Critical Information Assets

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Two identified critical assets include the social security number and the credit card. The countermeasure for both the assets will be analyzed from companies and customers point of view in this paper by exploring impacting laws, regulations and contractual obligations relative to the same.

Impacting laws , regulations and contractual obligations for SSN
• Privacy ACT 1974
• SSN regulations governing data and security
• Internet privacy policy
• California Civil Code §1798.85
• Fair credit reporting act

Interpretation of the laws, regulations and obligation for the counter measures
Monitoring of SSN by credit bureau

As per the Privacy Act of 1974 all government agencies whether they are federal, state or local they are required to provide a "disclosure" statement on the form which explains whether you are required to provide your SSN or if it’s optional, how the SSN will be used, and under what statutory or other authority the number is requested (5 USC 552a, note). The U.S. Office of Management and Budget, Office of Information and Regulatory Affairs (OIRA) provides guidance and oversight regarding the Privacy Act of 1974 (Privacy rights clearing house, 2008) . In this case of credit bureau this act is applicable to the credit agencies and it is their responsibility to govern the social security number from getting into illegitimate use or to any third party for the purpose of business.

As per the SSN regulations governing the data and information security (2005) any employees who have access to any systems or document containing SSNs have to sign a confidentiality agreement. Governing the use of internet to access the numbers, time of computer screen should be minimized and the monitor should never be left u...

... middle of paper ...

• ‘Financial Data Protection Act of 2005’, 2005,, url: accessed 20th May 2008
• ‘Avoiding Credit and Charge Card Fraud’, 1997, Federal Trade Commission, url : accessed 20th May 2008
• ‘U.S Code collection’, 2008, Cornell University, url: accessed 20th May 2008
• Visa U.S.A, 2004, ‘ Payment card Industry : Data security standards’, url accessed 20th May 2008
• CCE, 2000, ‘Bank Secrecy Act / Anti money laundering’ url : accessed 20th May 2008
• ‘Fair credit reporting act’, 2004 url : accessed 20th May 2008

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