Why is it so important for banking industry to consider the factors of privacy in policy-making?

Background

Ensuring privacy is very vital objective in every organization as it relates to the trust of its customers. Though online banking has made all the operations user friendly it also created many challenges in terms of privacy of personnel and financial security. Cyber-thieves took the advantage of this evolution by pretending and accessing the online account illegally to rob money and this also led to the exposure of personal and private information to the hackers. Governance of information has emerged into banking industry to overcome such threats and control the movement and creation of information. The main objective of information governance and policy inventions in banking domain is to avoid the unauthorized access to the data, to shield the frequent use of database and network that add value to organization and customer, and to prevent the deliberate or unintentional distortion or destruction of information. In this research privacy issues that impacted operations of three different banks will be discussed and what policies have been implemented to prevent any such privacy issue in future.

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