Privacy of Financial Information- An Overlooked Concern?

Posted by Dcirrus No Comments on Privacy of Financial Information- An Overlooked Concern? Uncategorized

Privacy of Financial Information- An Overlooked Concern?

Every person be it an individual or a business entity, manage money on a regular basis. From students to business entities, everyone is in possession of some kind of financial information. Does privacy cover financial information?

What is privacy?

No one shall be subjected to arbitrary or unlawful interference with his privacy, family, home and correspondence, nor to unlawful attacks on his honor and reputation. The term privacy has multiple dimensions and it is not possible to coin one universal definition. It is a universal concept however, owing to several factors such as economic and cultural characteristics, the definitions will vary.

It has to be kept in mind that will interpreting privacy, the current scenario has to be taken into consideration. The most popular definition of privacy is “to be let alone”. A person has the right to be left alone. It springs from human dignity and autonomy. Recently, the Apex Court of India concluded that the right to privacy is an integral part of human dignity and therefore, is a Fundamental Right. The court observed that the right to privacy includes Spatial control, Decisional autonomy, and informational control.

Privacy and financial information:

Financial information includes audit reports, purchase and sale invoices, balance sheets, credit, and debit card numbers, bank account details, documents relating to mortgages, loans, and any other money-related information. For various reasons, people find the need to keep their financial information private.

Post the Puttaswamy judgment, it is clear that the right to privacy includes the right to keep financial information private. However, every Fundamental right has certain reasonable restrictions placed on them. The right to privacy is not absolute and restrictions can be placed on what is private and what is not. Not all financial information can be kept private.

The Government keeps records of certain financial information, this is done to curb financial fraud. It has to be noted that not everyone has to have access to your financial information. There have been several instances where PINs were misused, fraud transactions took place. The primary reason for all of this the lack of data protection and security.

Today, people store their financial information virtually. Banks are operating online, purchases being made online, customers receive bills from their vendors online and they make the payment online. ATM card PIN, bank account numbers are backed up in some virtual storage space. All of this is sensitive information. Only the user can have access to this information. This information can be used against them if the wrong person gets access to it.

DCirrus: A safe space:

Protecting your financial information is a major concern, and DCirrus can solve it for you. DCirrus’s cloud-based storage system is secure and ensures your privacy. You can store all your financial information and you don’t have to worry about the wrong person getting access to your data.

If you have an accountant/ lawyer to take care of finances and taxes, you can share your information with just them. Even when you share your information with them, you can restrict the extent of their access.

You can store your PINs and numbers without the worry of data theft. We make sure that your data remains secure at all times. As a matter of fact, unlike the other cloud-based storage systems, DCirrus does not have access to your data. DCirrus provides a very safe space for your data, where you have complete control. Ensuring your privacy is our number one priority. Choose privacy, choose DCirrus!

References:

[1] Art. 17, International Covenant of Civil and Political Rights.

[2] K.S. Puttaswamy (Retd.) v. Union of India, (2017) 10 SCC 1.

Looking for a reliable Solution? Try DCirrus

Also Read Why Data Protection Should Be Everybody’s Concerns