Sharna Information privacy final.docx - Information Privacy...

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Information Privacy and the Extent to which Banks Ensure the Protection of Customers’ Private Information in Canada by Sharna Waldron Graduate Student, Centennial College prepared for Centennial College- Research Methods Trade/Development . October 5, 2019
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An i nvestigation into I i nformation P p rivacy and the E e xtent to which Banks E e nsure the P p rotection of Customer s P p rivate I i nformation in Canada Sharna Waldron Graduate Student, Centennial College Abstract: According to ( Westin , ( ( 1967), the concept of privacy is having individuals “in control over their personal information”. With rapid globalization and the need to remain competitive in the market, financial institutions have to collect and store information on their customers. Handling customer’s personal information comes with growing concerns as it relates to privacy. As Cullen ( ( 2000) puts it in a news press , "Finding the right balance between protecting our customers' privacy and using their information to serve them better is essential . , " he further said. "Ultimately, Royal Bank believes the way we steward customer information will be a source of competitive advantage , . " he further said. (Cullen, 2000). This paper presents an investigation into information privacy and the extent to which financial institution within Canada ensure protection of c C ustomers’ private information. It explores existing policies relating to information privacy, explores the challenges and concerns customer face in relation to their private information. This paper also looks at the avenue in which customer’s information is leaked. Keywords: i I nformation , privacy, financial institution s , protect, customers, risks, policies and Canada Introduction Due to technological advancement worldwide, businesses are being forced to operate their organizations under the umbrella of technology to remain competitive. Within the financial sector having access to customer ’s information is crucial , as such information is collected and stored. As such measures must be p ut in place to ensure protection of customer ’s information. In Canada, privacy protection laws focus on protecting personal information . One such law is the Personal Information Protection and Electronic Documents act (PIPEDA). Bernall-Casti llero (2013) points out that PIPEDA sets out ground rules for the management of personal information in the private sector. It aims to strike a balance between an individual’s right to the privacy of
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