Business Information Systems: Analysing Organisational Opportunities and Challenges Posed by Information Privacy

Business information
system

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK 1............................................................................................................................................3
Identification and evaluation of the characteristics and the significance of the information
privacy.........................................................................................................................................3
TASK 2............................................................................................................................................6
Analysation of the organisational opportunities and challenges that are posed to financial
service sector by information privacy.........................................................................................6
TASK 3............................................................................................................................................8
Application of the value chain for analysing the process of creating and delivering value
within business by information privacy .....................................................................................8
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
The concept of business information systems helps in giving the information that is used
by an organisation in order to manage it in an effective as well as efficient manner by critically
using the technology and computer systems. Within this report, an example of a financial sector
services providing business is taken into consideration which is named as “The Innovative
Financial Services''. The business is based in London, United Kingdom and provides effective
and precise financial services to the different clients and the companies. This report includes
identification and an evaluation of the characteristics as well as the significance globally of
information privacy (Abualoush, et. al. 2018). Along with it, this report includes an analysation
of organisational opportunities and the challenges that are posed to financial service sector by
information privacy. Moreover, this report also includes application of value chain for analysing
how the value is created and delivered within the business by information privacy.
MAIN BODY
The role of business information system is to ease the process of decision-making and
simplify process of delivering necessary information and therefore helps in taking informed
decisions. Information privacy is concerned with the aspect of the information technology that
facilitates an organisation through dealing with the ability of its business for determining what
kind of data within a computer system can be shared with another organisation. Information
privacy is essential to the wider right to privacy and protecting the privacy is an effective key to
ensure safety and dignity of an individual or an organisation along with self-determination. The
main focus of information privacy is on anything that leaves a business trail in case whether or
not the respective trail is digital (Al-Emran, et. al. 2018). Within the sector of financial services,
the information privacy is stated to who is permitted to access to consumer information that is
provided to organisation with whom they have entered into a business relationship.
TASK 1
Identification and evaluation of the characteristics and the significance of the information
privacy
There are various characteristics of information privacy that helps in making the
information valuable and some of these characteristics are given as under:

 Confidentiality: This characteristic of the information privacy makes sure that an
information has access to only an authorised user. In context to financial service sector
the key purpose of confidentiality is to save the sensitive data of the customers from
reaching it to the wrong hands (Asprion, Schneider and Grimberg, 2018). This feature of
information privacy helps in maintaining the privacy of the people.
 Availability: As per this characteristic, the information or the data should be available to
an authorised personality when it is requested for. This characteristic of information
privacy in providing financial services ensures the guarantee of access to the accredited
person to information. The availability of the information will be ensured by keeping all
the hardware as well as software updated along with keeping back-up and taking
recovery measures in a proper way.
 Integrity: It is another characteristic of the information privacy that helps in maintaining
the accuracy or the correctness of the information at the time of transiting storing as well
as processing the data. In relation to the financial service sector, this feature of
information privacy gives the guarantee that the data or information of the customers is
trustworthy and is not tampered. Such attribute makes sure that an unauthorised
individual will be unable to change the data.
 Authentication: This feature of the information privacy is concerned with the
verification that whether the user, transactions and the information involved in the
process of providing financial service is genuine. Such characteristic makes sure that only
genuine or authorised people have access to information and the Login credentials can be
used in order to verify the authenticity of a user.
The aspect of information privacy is important within a business as it helps an
organisation like The Innovative Financial Services in saving the data of its customers
(Augenstein, Fleig and Maedche, 2018). The significance of the information privacy includes
the following points:
 Improves brand value with data privacy policies in workplace: In context to The
Innovative Financial Services, the organisation maintains its brand value by following the
right information privacy standards. This helps the company from protecting it through
breaching of data which can influence reputation of the organisation. In such way, the
information privacy is important within the organisation for improving the brand value.