Stock Market Data – How To Protect Sensitive Information
It today’s stock market and business world it is critical that stock brokerages and financial institutions adhere to a common law fiduciary responsibility when sharing relevant and market sensitive data, information and documentation with each other. This is evidenced based on the fact that data changes hands so easily and quickly via the internet. In the past where disseminating information was difficult it can be done via the worldwide web now. However in some aspects of the stock exchange information must be protected by remaining closed circuit. And the disposal of this information using shredders is also a task for people that are knowledgeable of the power of information. Let us assume that quarterly earnings for Yahoo Inc. were leaked out to the public a little after the closing bell on the New York Stock Exchange. This would send the market into frenzy, with people selling and buying in the off hours. This can place the Dow Jones Index in a real quagmire.
Hence the sharing of this type of sensitive information and documents must have a protocol. This usually is dual custody in delivery and destruction of this document either by shredders or incineration. Though these measures exist it must be dependent on the integrity of person that is trusted with this data to keep it secure and away from otherwise prying eyes. But this problem does not just affect information that if released before hand can have damning effects, it refers to data and information that is being kept based on an individuals identity and other source documentation.
Let us assume that John Brown applies for a Juniper Credit Card online or to open a Zecco Account, to trade on the stock market. He submits his data and is asked to submit proof on identity, his current address and his social security number. This is all that identity thieves would need to steal his identity. This information must be kept secure preventing unauthorized access and disclosure of this type of sensitive information to unscrupulous parties. Then assume John Brown decides to close his account with Zecco, what happens to all his information how is that protected. Normally this is kept in hard copy for a few years, and then shredders must be used again to destroy the information as carrying it to landfills will give others a chance to capture that data and use it to demolish the good credit standing of others.
[tags]identity theft,dow jones stock market,DJIA,protecting sensitive information,[/tags]
