Data privacy: Legal and business malpractice

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Title: Data privacy: Legal and business malpractice
Author: Zhavgasheva, Gulmira
Abstract: While banking system of Kazakhstan has been reformed during the past two decades to transition to the international standards, privacy of financial information seems to be left neglected. With the advent of the technological era and, hence, the rapid growth of computer crime, privacy of financial information has become a primary necessity in the context of relationship between financial institutions and their customers. However, collecting, storing, processing and transferring such data raises issues regarding security and privacy of customer's data. The purpose of this research was to evaluate the extent, to which privacy of credit card and cardholder data was considered and implemented in the banking sector of Kazakhstan. The research also sought to explore perceptions of banks (as in bank employees) in terms of data privacy awareness and their understanding of its significant importance, as well as concerns of bank customers in terms of privacy of their banking information. This data was collected through the qualitative analysis of 23 participant interviews. The participants came from three areas, which built the context of the research - legal, banking sector and its customers. The findings of the study demonstrated that data privacy was not paramount in the bank-customer relationship. It was explained by the lack of regulatory approaches in the sphere of data privacy within government and industry levels. Consequently, financial institutions lacked data privacy awareness. The findings also suggested that a knowledge gap in terms of data privacy existed between banks and their customers, whose level of privacy concerns was driven either by trust or indifference. This paper proposes constructive suggestions for the banks on how to better address the current issues of data privacy and associated requirements.
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Date: 2010

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