What does the safeguards rule under the Gramm-Leach-Bliley Act require companies to develop?

The Gramm-Leach-Bliley Act (GLBA) includes the safeguards rule, which specifically requires financial institutions to develop and implement written information security plans. These security plans are essential to protect customers' private financial information from unauthorized access and cyber threats. The safeguards rule mandates a comprehensive approach that identifies potential risks, implements appropriate security measures, and continuously monitors and adjusts these measures to ensure ongoing protection.

By establishing a written information security plan, companies must also ensure that their employees are trained on security practices, thereby fostering a culture of privacy and security awareness within the organization. This encourages proactive measures to protect sensitive data, thereby maintaining customer trust and complying with federal regulations.

Other options like advertising strategies, privacy policies, and service contracts, while important for various reasons in the context of customer interaction and compliance, do not specifically fall under the safeguards rule's requirement within the GLBA. The focus on written information security plans highlights the act’s overarching commitment to safeguarding consumer financial information.