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Privacy and security

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Privacy and security

Introduction

  • Privacy and security are the primary concerns in the world of cyberspace
  • Personal information can be protected by implementing the privacy guidelines
  • Both security and privacy are considered as overlapping concepts
  • However, in a digitally connected world, both the concepts are closely linked

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Cont.

Problem statement

  • Privacy issues exist because customers often agree to disclose their information to the marketers
  • The connected world is witnessing rapid compromise of sensitive information
  • Cybercriminals now have complete access to the bank databases
  • Information is now exposed to the cybercriminals
  • There is a need for drawing comparisons between the effectiveness of security and privacy measures

Cont.

Goal

  • The goal is to draw a comparison between security and privacy policies in cyberspace that might be useful in ensuring the protection of information.

Research questions

  • To understand the ways in which US-based firms ensure the privacy of confidential information
  • To understand the extent of privacy and security measures in the organizations
  • To identify issues that firms might encounter while ensuring security and privacy
  • To find ways of mitigating the issues

Cont.

Barriers to research

  • Issues encountered due to lack of research experience
  • Familiarity was missing while selecting relevant journals and articles

Literature review

It is a process by which scholarly articles and journals are selected in a systematic manner. The purpose is to understand the existing literature based on the chosen area of research.

Cont.

  • Research on privacy initiatives taken by banks has been conducted.
  • The U.S banks have managed to form a lasting relationship with customers by implementing the Online Privacy Policy.
  • Customer information is collected and shared using strict security protocols only.

Cont.

  • In the digital age, information is now getting stored and disseminated in a faster way.
  • The legal researchers are concerned about the rising power of cyberattackers
  • They have been gaining access to sensitive data, and it has created concerns in the cyberspace.
  • Security measures such as the Europay and MasterCard have gained prominence.
  • Fraudulent transactions are more common in non-financial institutions because they are less likely to invest in security.

Methodology

  • The process through which information on the chosen topic can be gathered and analyzed is known as a research methodology.
  • The researchers can evaluate the validity and reliability of the research.

Cont.

  • In this paper, a secondary method has been employed because it is less time-consuming.
  • Literary sources have been chosen from Google Scholar and Proquest.
  • The secondary process is less hazardous and more convenient.

Findings and discussion

  • One of the effective methods of securing information is the Online Privacy Policy.
  • Non-financial institutions are least likely to make investments on security measures.
  • The U.S citizens have been deprived their freedom of privacy on online platforms.
  • Legal communities should actively pay attention to the security needs of firms.
  • Further regulation of information is crucial in cyberspace.

Conclusion and recommendations

  • It can be concluded that both security and individual privacy should be considered by firms.
  • Active steps have been taken to ensure privacy. However, further effort is needed to ensure the security of the digital assets.
  • It can be recommended that firms should use anti-malware and anti-spyware software for enhancing the security of organizations.
  • Intrusions should be monitored to ensure the continuance of operations of the business
  • Lastly, awareness within financial as well as non-financial institutions is necessary for protecting the digital assets of the firm.
  • Cybersecurity cannot be comprised in any form.

References

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