After Octopus Breach, Concerns Persist
FINANCIAL PRIVACY—HONG KONGFebruary 7, 2011
The Octopus Holdings Ltd. privacy breach has incited widespread public concerns about companies' and financial institutions' handling of customers' personal data, writes Angela Wang for Reuters. A recent case involved a bank customer's complaint after she was contacted by an insurance company that had entered into a marketing agreement with the bank. The Administrative Appeal Board ruled that the bank should not have shared the customer's information because its small-print provisions on data sharing discouraged customers from reading them, and the customer should have been informed of the reasons her data was to be shared. The board also said shared data must be used for the same purposes for which it was collected.