Data Privacy in Banking and Insurance Sector: A Case Study Approach
Debaswapna Mishra, University of Agricultural and Technology, Bhubaneswar, (Odisha), India.
Manuscript received on 20 January 2014 | Revised Manuscript received on 25 January 2014 | Manuscript published on 30 January 2014 | PP: 67-72 | Volume-2 Issue-6, January 2014 | Retrieval Number: F0930012614/2014©BEIESP
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: Now a Days business and their customer’s alike collect, store and transmit vast amount of information electronically and they want to believe that this information is secure. At the customer level, the concern for data privacy has resulted in a growing number of laws and regulations that address issues including what information can be collected and maintained, how the information should be stored, how and where information can be transmitted, and required actions in the event of security breach. Notwithstanding the proliferation of requirements, reports of identity theft, inadvertent release of customer and proprietary business information, and successful attempts by hackers to penetrate systems and steal information continue to command headlines in media. This is more acute in banking and financial sector where a lot of financial transactions occur on a day-to-day basis. This study aims at providing robust solutions to address various data privacy issues, particularly in Banking and Insurance sector. The current set of algorithms to handle data privacy appears to be inadequate while the need of the hour is to provide a solution that encompasses a host of algorithms and houses a set of business rules. A good privacy solution enables de-identification of confidential data that can be readily used in business software development and testing, maintenance, statistical analysis, marketing research, training and other outsourcing solutions.
Keywords: Software Development Testing, Maintenance, Statistical Analysis,
Scope of the Article: Mobile App Design and Development