By: New York Times
“Some prominent legislators and privacy law scholars said the administration’s effort failed to endow citizens with direct and clear legal rights to control who collects their information and how they use it. And the bill, they say, largely puts companies in charge of defining their own criteria for fair and unfair use of consumers’ personal details.”
Earlier this year, the Obama administration proposed a bill that is supposed to help consumers control the data that companies collect. However, as stated above, many believe the bill may be too lenient, giving more power to companies than consumers. The bill encourages industries to define and implement codes of conduct for how consumer data will be handled. Allowing companies to define how consumer information is used leaves room for much speculation.
Since it’s up to industries and companies to protect consumers and their data, and with financial data arguably being the most damaging when it is stolen, why not make the financial industry the world leader in solving this problem? By being the first to implement a solution, the industry as a whole will gain renewed consumer trust for innovating cutting-edge data security, allowing people to feel protected when providing their personal information.
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