Privacy Issues in the Banking Industry - 1946 Words

Introduction With the improvement of technology continuously growing every day, privacy has become one of the most important issues in today’s society. Privacy refers to one’s right to control how your personal information is collected and used by financial institutions. It is the financial institution’s responsibility to provide security to your personal information. Security refers to the obligation of the company that collects and uses your information to ensure that your information is safe against unauthorized uses (Privacy Rights Clearinghouse). For the banking industry, identity theft is a growing concern for customer privacy. Identity theft can occur anywhere including the internet. The technology of online banking is†¦show more content†¦The GLB Act, especially, was not designed to protect the consumers alone. Instead, I think it is designed to protect both the business and consumer world. From a business perspective, it is important to yield a net proftiprofit. When financial institutions share customer information with other affiliates, it is with an objective of money-making in mind. Hence to please the customer, the GLB Act added an â€Å"opt out† option to its regulations for consumers if they do not want their information to be shared. There is nothing else that a consumer can do to prevent financial institutions from sharing their information. This loophole within the regulations that do not fully protect consumer privacy and does not give the consumer total control over how their information is shared. The ability to protect one’s private information is limited. It places the burden on the consumer to protect their own privacy. And they only have one option, which is to â€Å"opt out†. With the GLB Act, banks and financial institutions are left on their own to develop an appropriate security program that is suitable to the business . In the end, there are no standards to decide whether the security program is suitable enough or not. 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