sensitive information in financial industry

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1、SasaPalavestraSensitiveInformationinFinancialIndustryIntranetandInternetSecurityCMPT320StefanRobila05/03/2007IntroductionFinancialindustryisprimarilyinformationdrivenindustry.Consumerfinancialtransactionsgeneratehugeamountsofpersonaldata.EveryATMtransaction,creditcardpur

2、chase,checkdepositandloanapplicationleaveselectronictracesintheformoftransactionrecordsatbothyourbankandthecounterparty’sfinancialinstitution.Financialinstitutionscanusetheinformationacquiredinthecourseofbusinessbeyondthebasicfunctionofrenderingtheservicerequestedbytheco

3、nsumer.Databasesofcustomerdataprovideinsightsintocustomerhabitsandallowinstitutionstoconnectconsumerswithproductstheyarelikelytowant.Thesedatabasescreateaprofileofactivities,interestsandpreferencesusedtoinvestigatebackgrounds,checkcredit,marketproductsandmakeawidevariety

4、ofdecisionsaffectingourlives(Solve,2004).Detailedtransactiondatabasesalsoallowfinancialinstitutionstomoreefficientlypriceproducts.Forexample,dataminingtoolsenablebetterestimateandunderstandimportantcoststhatarenotknownbeforesuchascreditriskandpriceloanproductsaccordingly

5、.Customer’sinformationisquitevaluabletobusinesses.Foryears,thecourtshaveheldthatcustomerlistarevaluableandcanbeprotectedastradesecrets.Financialinformationisaninterestingclassofpersonalinformationtolookatfromaprivacyperspectivebecauseitexistsinlargequantities,isnon-publi

6、candisoftensensitive,yetasinglypieceofinformationcanbehandledbyawiderangeofentities.Clearly,somelevelofinformationsharingisneededtoeffectuatefinancialtransactions.Itwouldnotbepossible,forexample,todepositapaycheckinyourbankwithoutyouremployeranditsbankalsoknowingtheimpor

7、tantdetails.Whileaconsumerunderstandsthisnecessity,advancesindatabasesandcommunicationtechnologynowallowfinancialinstitutionstocompilevastamountsofdataabouttheircustomersandevencreateprofilesoftheirpersonalfinancialhabits.Twoprimaryconcernsaboutprivacyandsensitivedatahan

8、dlinginfinancialindustryare:informationsharingandinformationsecurity.Thesetwoclassesofconcernsareusuall