Gladiator Technology Launches Policy Solution to Address New Red Flag Guidelines

13 August 2008

Gladiator Technology, the ProfitStars® solution that operates as a managed security services provider (MSSP) exclusively for financial institutions nationwide, today announced a new policy solution designed to support compliance with the Red Flag Guidelines related to identity theft.

Effective November 1, 2008, every financial institution must comply with the Red Flag Guidelines mandated in Section 114 of the Fair and Accurate Credit Transaction Act of 2003 (FACT Act). The Red Flag Guidelines mandate that financial institutions implement an identity theft program that includes the policies and procedures necessary to detect, mitigate, and prevent identity theft. In response to this regulatory mandate, Gladiator Technology has developed a new policy solution – Identity Theft Prevention Program – that will help financial institutions comply with this new guidance.

According to Danny Johnston, group president of Gladiator Technology, “The world of compliance is constantly evolving and it is challenging for most financial institutions to stay on top of the dynamic regulatory guidance. In response, we offer a library of policy products that help our clients formulate plans to address specific compliance issues. This latest addition to our policy solutions will help our clients proactively comply with the components of the Red Flag Guidance related to ID theft with a comprehensive program that encompasses management, training, and awareness. Our new Identity Theft Prevention Program will help an institution assess its current preparedness for compliance, identify the most critical compliance issues that need to be addressed quickly, and explain what financial institutions should expect during the regulatory exam process.”

Gladiator also plans to enhance its eSAT (electronic Security Awareness Training) program to address the Red Flag Guidelines related to identity theft and assist institutions with complying with the annual employee training requirements. A new training module will also be added to eSAT that focuses specifically on an institution’s executives and their role regarding the new Red Flag Guidelines.

Jackie Marshall, Gladiator’s director of IT regulatory compliance, concluded, “Since a financial institution’s executive team is ultimately responsible for the success of information security programs and compliance with regulatory requirements like the Red Flag Guidelines, Gladiator provides proven training tools like our eSAT training program that prepares executives to fulfill these responsibilities.”

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