Almost every day, we are informed of the ‘hacking’ of private and public institutions and the theft of personal information that could lead to identity theft, the misappropriation of wealth and damage to one’s credit reputation.
In this intensive, one-day workshop, you will learn about the importance of and need for feelings of privacy, confidentiality and security in the general pubic in their use of financial services (FS), that is, the assurances necessary to users that their personal information is protected when stored digitally by FS providers. You will also become familiar with the practices and techniques used by these providers to safeguard their clients when using Financial Technology (FinTech) applications and the core issues related to privacy management in the FS environment.
The first half of the day will be spent discussing the various issues related to information privacy, that is, the right or ability of individuals to exercise control over the collection, use and disclosure by others of their personal information, such as the following:
- Accountability: identifying purpose – purpose is contextual so each situation must be examined individually
- Accuracy: safeguards and security
- Limiting collection: limiting use, disclosure and retention
- Openness: individual access and challenging compliance
In addition, information will be provided on the laws and regulations to which FS providers and FinTech applications/solutions must adhere (the regulatory ‘sandbox’), both nationally and internationally. Ethical issues arising from the development of certain FinTech applications, that must be compliant, will be examined as participants share their personal views on this subject.
In the second half of the day, the concept of Privacy by Design will be presented and discussed. Essentially, regulatory compliance alone is not sufficient to ensure privacy as most privacy breaches remain undetected, unchallenged, unregulated and unknown, even though we learn of such data breaches of social media platforms, banks, hospitals and governments, for example, on a regular basis. The seven foundational principles of privacy by design that are used as a guide to implementing strong privacy practices will be explained and discussed.
By the end of the day, participants will be able to recognize the value and justify the importance of privacy management in enhancing consumer trust in the applications of FinTech; understand and be able to explain the legal and ethical guidelines used in the development of secure and compliant FinTech solutions, and understand how strong privacy practices can be embedded in FS practices and FinTech solutions.
A second one-day workshop is also available to those wishing to explore these and other related topics further.