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.