SunTrust Privacy

1
SunTrust Privacy Other Security Issues

• CISSE Privacy vs. Security Panel
• June 7, 2005
• Cliff Bussard
• Corporate Privacy Officer SunTrust Bank

2
SunTrust Privacy Office

• Responsibilities include
• Compliance with Gramm-Leach-Bliley (Bank Privacy)
  Act
• Production, distribution, enforcement of SunTrust
  Privacy Policy
• Oversight of customer opt-outs including No
  Share, No Mail and No Call
• Compliance with FTCs No Call, Caller ID and No
  Fax regulations and HHSs HIPAA (Medical Privacy)
  rules
• Monitoring of privacy practices and use of
  customer information online

3
Privacy Challenges

• Financial services is among the more heavily
  regulated, scrutinized industries
• Overlapping regulations including GLB, FCLA,
  FACTA, Bank Secrecy, Patriot Act, HIPAA, etc.
• Overlapping regulators included the Federal
  Reserve, FDIC, OCC, SEC, FCC, various state
  agencies, etc.

4
Striking a balance

• Increasing consumer awareness of privacy and
  security concerns
• Increasing consumer expectation of choice and
  convenience
• Delivering choice and convenience requires
  conveying data more broadly in less-methodical,
  less secure multi-channel environments

5
Key Questions

• How willing are consumers to exchange
  choice/convenience for privacy/security?
• How much expense are companies willing to absorb
  to provide additional privacy/security controls?
• Will privacy and security become core consumer
  issues? Or will their importance/value dissipate
  over time?