-
Essay / The Importance of Banking Information - 1313
Protection starts at the teller line: “Only those who need to know a customer's financial information – because they provide the accounts and services that the customer might need – are allowed to have access to it” (Bank of America). Individuals who need a customer's information to provide services are the only people authorized to access the customer's stored information. This ensures that employees only access information that is imperative to their services to the client when required; and there is no time when the information is accessible to a person who does not need it for a valid banking reason. Additionally, there is a code of ethics that all bank employees must follow. The Code of Ethics requires that customer information be treated confidentially at all times so that the information is not shared with anyone unauthorized to access it. It also requires all bank employees with access to customer information to complete “information protection training” at least once a year (Bank of America – Privacy and Security). A “rigorous information security policy designed to protect the security and privacy of [Bank of America] customer information” is also in place. This policy is approved by the Bank of America Board of Directors and is then updated and reviewed regularly. By maintaining "physical, electronic and procedural safeguards in place," Bank of America protects its customers' information from access by any unauthorized person, even when shared with others.