The dynamics of data privacy
A dozen guidelines to consider implementing.
Privacy is an enduring concept highlighted in news of data breaches and how personal information is collected, shared and even sold. Most, if not all, credit unions have an obligation to protect the privacy of their members, employees and website visitors. This obligation is typically underpinned by applicable laws, regulations, contracts and dedication to member service.
According to IBM and the Ponemon Institute, 23% of data breaches occur because of employee negligence. As you can imagine, it is important that your credit union implement a privacy program and educate and empower employees to make wise decisions that will protect member data.
The concept of data privacy continues to evolve in law and philosophy. Privacy is a multifaceted personal, social, legal and business issue. Privacy involves protecting information that may be linked to a particular person—like a date of birth, blood type or even location. The reality is, as we move into a more digitally connected and dependent age, any bit of information that can tie back to a person is could be considered personally identifiable information. Where the data lies on a spectrum, from first name to DNA mark, is what determines the risk that is associated with personal information. Approaches to protect privacy include market forces, legal controls, technology and self-regulation.
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