Bank and personal data protection: Why care?

By: Sonny Zulhuda

pic from: mortgagechiliblog.com

Contrary to the traditional belief, information is no longer a mere business processing tools. It is now the very asset that turns to become the commodity of the business itself – becoming more powerful and valuable than any other physical assets. And this is particularly obvious in financial and banking industries where the acquisition of personal data and the adoption of information technology (IT) have both transformed the banking industry as well as the associated operational risk management.

The demand to protect personal data in banking industry comes mainly from two factors. Firstly, the consumers are getting increasingly aware of their right to data privacy. The bulk of their data such as personal and family data, financial information, credit history, employment records, or legal matters are now the target of many predators who wish to acquire them for their benefit, ranging from unsolicited direct marketing, loyalty program recruitment, credit card applications, and even for malicious intent such as identity theft and fraud (or “phishing”).

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