PRIVACY: FROM CONSUMER CONCERNS TO COMPLIANCE STRATEGIES
- And The Role of RIM

According to the Privacy Rights Clearinghouse, in 2005, approximately 3.9 million customer banking records were jeopardized when a back-up computer tape was lost, leaving the responsible financial institution liable for recovering the lost data. That same year, another large banking institution suffered a similar fate when a misplaced back up tape compromised more than 1.2 million customer records.

Significant media coverage generated considerable concern among the public, which
continues to increase as more and more personal information is regularly shared with
businesses. For organizations gathering confidential information, maintaining privacy has
become an organizational and regulatory issue. Understanding the concerns of your
customers, the guidelines governing your liability, and the steps needed to protect
confidential information is key to ensuring privacy and protecting your organization from
the consequences of non-compliance.

Consumer Concerns

A recent Harris Poll revealed that 94 percent of Americans are concerned about the possible misuse of their personal information by businesses. This staggering percentage only validates the challenges facing organizations to gather, retain, utilize and disclose information while still maintaining consumer trust. Individuals want those organizations that request their personal information to provide the necessary safeguards to ensure confidentiality and effectively communicate those details to establish a level of trust. Most importantly, consumers expect businesses to be held accountable when their privacy is not protected.

Compliance Regulations

The government is keenly aware of the growing public concern over privacy protection, and the number of confidentiality-related regulations continues to rise. Between HIPAA, which protects a person's medical information, and Gramm-Leach-Bliley, which protects a person's financial information, government regulations provide a safeguard for consumers and businesses alike. Consumers are guaranteed that the information they provide is secure, and organizations have the guidelines in place to reduce liability and position themselves as reliable in the use and disclosure of secure information.

What can RIM Professionals do?

RIM professionals have a fundamental responsibility to manage and protect confidential consumer information. Each organization should take into consideration its own internal business practices, as well as regulatory compliance, when developing and implementing privacy policies and procedures. It is the role of the RIM professional to also ensure that the practices put in place are accurately followed and safeguards are in place that will help maintain regulatory compliance and reduce any liability.