Lowe explains that information protection offers opportunities, too. Adoption of a privacy policy is a process. Lowe advocates auditing how the institution uses information today. Looking at the ways information is shared now and where the potential leaks may be are two areas to examine. The law also requires that outside vendors have a privacy agreement.
Few banks have that.
Even identifying all the vendors will be a challenge. And vendor relationships must be monitored. To accomplish all of this, Lowe advocates that a senior person be designated to guide and monitor information protection. This individual should be senior enough to have access and influence over all areas affected. Complying will be intense until it is part of the culture.