Final Essay -Data Privacy (Specif details) PDF

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Student: Saira Abbasi Assignment 4: Data Privacy Date:03/29/2020

According to (100 Data Privacy and Data Security, 2020) only 63% of American say that they understand very little about the laws and regulations of data privacy. While individuals who are concerned about their privacy are under the age of 45. Handling the data in an appropriate way and keeping the user’s personal data protected is one of the biggest issues is faced by Tech companies in today’s world. Not everyone is aware and understands how much it is important to protect their personal data because the risk of vulnerabilities is getting higher day by day. Data privacy is a broad term. It is a part of information privacy which means it is not only about how data can be handled but also, the public expectations of privacy (Admin, 2020). If we think for a second about how our personal information or data that should essentially be kept private gets into the wrong hands, we cannot begin to imagine how it can be misused for malicious purposes. For instance, let us say some one uses our personal information to hack the laptop which we use to make daily transactions and gains access to bank account details leading to identity fraud and theft. Protecting data is very important. According to (100 Data Privacy and Data Security, 2020) when a survey held about the awareness of data privacy 72% American report that whatever they do online on their cellphone is being tracked by advertisement company, technology firms and other companies. While close to half 47% of adults believe most of activities they do are being tracked by government. Data privacy should be taken as an important matter by companies out there and the violating of customer’s right and tracking or leaking their data should be charged huge fines. It is so important for companies to protect user’s personal data to gain customer’s trust otherwise they might lose their customers. In 2017, research firm Baringa Partners conducted a survey about consumer attitudes toward data protection. “Results reveal companies risk losing up to 55% of customers if they suffer a significant personal data leak. We looked at consumer attitudes towards companies in the banking, insurance, energy, and TV, phone, and

internet sectors. We found that, in the event of a data breach, 30% of people would switch provider immediately and a further 25% would wait to see a media response or what others say and do before switching to another provider.” (Herold, R,2019) Moreover, where handling data in appropriate way and protecting it is one issue, another issue faced by the tech world is to prevent data leakage in the first place. The misuse comes after the insecurity and leakage of data. Firstly, digital data can be insecure on numerous fronts. It can be left virtually unlocked for easy access. The problem of insecurity starts with the physical layer. The structure of computer is not only wires, memory chips and hard drive; it also encompasses data through computer code. The way data can be accessed and used also has a structure. Information system is designed to grant access to certain people and deny access to others. For example, an ATM card allows access through possession of the physical card as well as a password (the PIN number). Companies often focus on improving the technological architecture to guard against unauthorized access to their computer networks, such as by using encryption and firewalls.

https://www.moneyandbanking.com/commentary/2016/6/10/making-banking-safe https://www.fdic.gov/about/learn/board/restructuring-the-banking-system-05-24-11.pdf https://www.nerdwallet.com/blog/banking/online-banking-security/ https://www.bankrate.com/banking/protect-accounts-from-hackers/ https://www.aarp.org/money/scams-fraud/info-2019/online-bank-account-security.html

https://www.usatoday.com/story/tech/columnist/komando/2018/11/08/bank-account-hacked-5-criticalsettings-keep-hackers-accounts/1892672002/ https://www.google.com/search?sxsrf=ALeKk018jWt1vs4PvIHsjfC6ztRLd3sE-g %3A1588021460288&ei=1EinXvaWEdLL1QHUsIwg&q=solution+to+protect+banking+from+hackers&oq= solution+to+protect+banking+&gs_lcp=CgZwc3ktYWIQARgDMggIIRAWEB0QHjIICCEQFhAdEB4yCAghEBY QHRAeMggIIRAWEB0QHjIICCEQFhAdEB4yCAghEBYQHRAeOgQIABBHOgQIIxAnOgUIABCRAjoECAAQQzoC CAA6BQgAEIMBOgcIABCDARBDOgcIABAUEIcCOgQIABAKOgYIABAWEB5QsIgFWLfCBWCy4wVoAHABeACA Ae0CiAGuJ5IBCDAuMjEuNi4xmAEAoAEBqgEHZ3dzLXdpeg&sclient=psy-ab

Work Cited

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Admin. (2020, March 30). 5 things you need to know about Data Privacy. Retrieved from https://dataprivacymanager.net/5-things-you-need-to-know-about-data-privacy/

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Compliance, S. and Information, T., 2020. Top 12 Data Security Solutions To Protect Your Sensitive Information. [online] Blog.netwrix.com. Available at: [Accessed 27 April 2020]....