Gramm-Leach-Bliley Financial Services Modernization Act of 1999
An original bill to enhance competition in the financial services industry by providing a prudential framework for the affiliation of banks, securities firms, insurance companies, and other financial service providers, and for other purposes.
Public Company Accounting Reform and Investor Protection Act of 2002
A bill to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws, and for other purposes.
Fair and Accurate Credit Transactions Act of 2003
A bill to amend the Fair Credit Reporting Act, to prevent identity theft, improve resolution of consumer disputes, improve the accuracy of consumer records, make improvements in the use of, and consumer access to, credit information, and for other purposes.
Health Insurance Portability and Accountability Act of 1996
A bill to amend the Internal Revenue Code of 1986 to improve portability and continuity of health insurance coverage in the group and individual markets, to combat waste, fraud, and abuse in health insurance and health care delivery; to promote the use of medical savings accounts; to improve access to long-term care services and coverage; to simplify the administration of health insurance, and for other purposes.
Federal Information Security Management Act of 2002
A Federal law that provides a comprehensive framework for ensuring the effectiveness of information security controls over information resources that support Federal operations and assets. Also known as “FISMA”. Passed as part of the Homeland Security Act of 2002 and the E-Government Act of 2002. The act requires every government agency to secure the information and information systems that support its operations and assets, including those provided or managed by another agency, contractor, or other source.

Digital Shredder

Market Need

Today, every business must address the significant chore of properly sanitizing data on hard drives. Failure to protect and destroy sensitive and confidential records and files can have catastrophic consequences to a business on numerous levels. Financial loss, irreparable damage to a company’s reputation, as well as civil and criminal liability for directors and officers can result from data that is accessed from hard drives that were not thoroughly sanitized.



Consequences and Penalties for Non-Compliance
  Gramm Leach Bliley Sarbanes Oxley FACT Act HIPAA FISMA
Directors and Officers
Penalty Per Violation		 $10,000 $1,000,000     Termination
Institution
Penalty Per Violation		 $100,000 $5,000,000 $11,000 $50,000 to $250,000 Agency Budget Reduction
Years in Prison 5 to 12 years 20 years   1 to 10 years  
FDIC Insurance Terminated        
Impact on Operations Cease and Desist       Congressional Review
Individual
Civil Fines		 $1,000,000   Civil Action $25,000  
Institution
Civil Fines		 1% of Assets       *Varies Per Record


The fines above are all per violation. Thousands of potential violations may exist on a single hard drive.

*U.S. Department of Veteran Affairs breach resulted in fines of $1,000 per violation and amounted to $26.5 billion.