Significance of Information Privacy in Mobile Banking Industry

Business Information
Systems

Table of Contents
INTRODUCTION ..........................................................................................................................4
MAIN BODY ..................................................................................................................................4
TASK 1.......................................................................................................................................4
Evaluate and identify the significance and characteristics globally of information privacy......4
TASK 2.......................................................................................................................................7
Evaluate the organisational challenges and opportunities posed to the chosen industry through
information privacy ....................................................................................................................7
TASK 3.......................................................................................................................................9
Apply the virtual value chain to evaluate that in which manner value is created and delivered
in the business through information privacy...............................................................................9
CONCLUSION .............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Business information refers to the information which holds value, meaning or
significance for the business. It basically include spreadsheets, reports, web pages, metrics,
documents and dashboards etc. Information of business is very significant because it basically
allows the individual to monitor profitability, responds towards customer trends, manage
inventory and products and main stakeholders with timely and vital information. In the present
report, mobile banking is taken into consideration(Aagaard and et.al, 2019).The present report
will cover discussion about significance of information privacy at global level. In addition to
this, the present report will cover analysis about challenges and opportunities posed to mobile
banking sector through information privacy. Moreover, the report will cover discussion about
virtual value chain to analyse that in which manner value is created and delivered in the business
through information privacy.
MAIN BODY
TASK 1
Evaluate and identify the significance and characteristics globally of information privacy
Information privacy is basically the aspect of information technology which deals with an
organisation ability or individual has to determine what kind of data can be shared with third
parties. Privacy is basically the ability to control that who can access the information about the
activities and private life as well. The significance of information privacy at global level is
defined into the following manner:
 Information privacy is important because it protect the information which need not to be
shared at the global level. In context to mobile banking industry, it is very important to
protect the information otherwise individual has to face consequences for it
(Bhattacharya., 2017). When information is not protected into appropriate manner then it
lead towards the misleading situation and circumstances as well due to which they have
to bear lots of problems in terms of standing out strongly into the market.
 Data privacy is significant because when data gets into the wrong hands then industry or
the concerned persons has to bear consequences for it. In context to mobile banking
industry, it is very necessary to kept data into the secured form otherwise its wrong use
can lead towards a large scale of financial losses.

 The information privacy is important due to this reason that the breaching of data can
lead towards the enhancement in terms of competition level within the industry. In
context to mobile banking industry, in this digital world it is very important that
breaching of data cannot be done other wise the use of data can give information to other
competitors into this industry so it becomes difficult for that particular business or
organisation to stand strongly into the market.
 Privacy of information is also important due to this reason that the misuse of data can
lead towards the creation of negative situations due to which businesses have to face lots
of challenges and also have the fear of losing the strong brand image into market(Božič
and Dimovski., 2019). In context to mobile banking, when data has been used into the
negative manner then there are chances of losing the trust of customers into these kind of
services.
So it is very important to understand the significance of privacy of information so that people
have the awareness about data protection in this fast moving competitive digital world . If people
don't have understanding about the significance of data protection then they do their work in a
very irresponsible manner due to which they unknowingly trust those authorities which can
indulge them into negative situations as well.
There are also certain characteristics of information privacy which is explained into the
following manner:
 Confidentiality: It is the measure which are designed to protect against unauthorised
disclosure of information. The objective of this kind of confidentiality principle is to
make sure that information of private level remains private and it can only be accessed
through individuals who require information for completing their job duties (Chang and
et.al., 2019). In context to mobile banking the privacy of data basically provides
confidentiality parameter due to which individual feel relaxed and confident in terms of
their information related to the accounts.
 Integrity: It basically involves protection from modification into unauthorised form of
data. Integrity principle has been designed with this purpose to make sure that data can be
trusted to be accurate and it is not designed into inappropriate manner. In context to
mobile banking, the privacy of information basically provides integrity due to which