Essay on Information Technology

Submitted By Suz54
Words: 344
Pages: 2

Information Technology Acts

The Financial Services Modernization Act, also referred to as the Gramm-Leach Bililey Act, permits companies in the financial sector to integrate their operations and invest in each others’ businesses. The Act came about when the financial industry conveyed and argued that collaborative measures would make them profitable during their main division downturns and aid in avoiding major losses and closures. The Act reflected a huge advance in the information technology by displaying the profit and loss of enforcing the bylaws. The purpose was to grant new opportunities to the financial institutions and exploit revenue efficiencies.
Universal banks are now able to accomplish online banking, as opposed to paper and physical branches. Technology is taking the banking realm in a direction they never envisioned, and every day, investors realize how crucial technology is to their business. The internet has become the information hub for a global electronic marketplace. For the banking industry specifically, a major concern is security. Firewalls and public key encryption address indispensable concern over how secure we are online.
The Children’s Online Privacy Protection Act (COPPA) 1998, is a United States federal law that protects the privacy of underage children, which is those under 13. Children 13 and under must have their parents’ consent before legally providing personal information online. Many websites will not allow underage children to…