This implied covenant addresses accuracy, validity, fidelity, privacy and concerns about ethical use. I think we do so at our peril. It is imperative that information generation and processing, leading to user knowledge, be based upon as close to truth as possible. The above offered criterion, applied to systems design, development, implementation and use would move us closer to that goal. Problems in this scheme are manifold.
Costs are higher, both initially and during system life.
Verifications take additional time, which affects information timeliness. Limitation, control or at least monitoring of systems design and development personnel is expensive and potentially invasive.