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Why is privacy an important issue in the information age?
in Financial Literacy by anonymous | 5 views

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Why is privacy an important issue in the information age? Financial companies share information for many reasons: to offer you more services, to introduce new products and to profit from the information they have about you. In fact, you've probably been receiving privacy notices from banks and other companies. These notices explain 1) What personal financial information the company collects; 2) Whether the company intends to share your personal financial information with other companies; 3) Whether you are willing to allow that sharing; and 4) How the company protects your personal financial information.

Why is information privacy a sensitive issue?

  • Information is a very valuable resource.
  • Access to information in our society today offers many benefits to consumers, but also poses a potential threat to our privacy.

What types of information is available?

  • Telephone directories
  • Birth, marriage, and divorce records
  • Driver's licenses/vehicle registrations
  • Licenses and permits
  • Legal information (judgments, bankruptcies, real estate titles, etc.)

Private databases for legitimate purposes only:

  • Employment information
  • Credit reports
  • Tax information
  • Criminal records
  • School records
  • Medical records
  • South African Social Security records
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