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NEW ISO standard will help safeguard privacy of financial data in computer system
A new ISO standard will help to safeguard the privacy of people's financial data when being processed by automated, networked information systems.
ISO 22307:2008, Financial services – Privacy impact assessment, defines a methodology to help organizations in private and public sectors identify privacy issues and mitigate risks associated with processing the financial data of customers and consumers, business partners and citizens.
Rapid advances in the performance of computer systems and networking, along with a lowering of their cost, allow financial institutions to record, store and retrieve vast amounts of data faster and more efficiently than ever before. Advanced data processing, storage, collection, and retrieval technology is now available to all sectors of business and government.
With these new abilities, private and public sector organizations can effortlessly process information in ways that, intentionally or unintentionally, may impinge on the privacy rights of their stakeholders. These capabilities raise concerns about the privacy of individuals in large networked information technology environments.
“The financial services community recognizes how important it is to protect and not abuse their customers’ privacy, and not just because it may be required by law,” says Mr John M. Ferris, Convenor of ISO/TC 68/SC 7's working group WG 5, Privacy impact assessment standard. “As systems are developed or updated, there is an opportunity to enhance business processes and to provide improved services to customers. However, new ways of using existing technology and new technologies also bring new or unknown risks. It is advisable that corporations handling financial information be proactive in protecting and not abusing the privacy of their consumers and partners.
for further information, visit www.iso.org
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