Protecting Confidential Information: How Much Do We Really Think About It?

In today's digital age, how much attention do we truly give to protecting our confidential and personal information? Have we become so accustomed to companies—legitimate businesses, not just spammers—requesting sensitive data that we simply comply without questioning?

The Changing Landscape of Identity Verification

Recently, I was involved in selling a residential property, and the experience highlighted how the real estate and legal industries rely heavily on technology to streamline processes, reduce costs, and facilitate digital signatures. While these advancements certainly make transactions more convenient, they also raise serious concerns about the security of personal information.

The very first step in these transactions is identity verification, requiring copies of documents such as Medicare cards, credit cards, and other sensitive credentials. Yet, as consumers, we rarely stop to ask fundamental questions about how our data is handled.

Questions We Should Be Asking

Despite the widespread use of digital identity verification, companies often fail to disclose critical details, such as:

• Retention Policy: How long will they retain the information after verifying your identity?

• Access Control: Who has access to your personal data, and under what conditions?

• Security Responsibility: Who is accountable for ensuring your information remains secure?

• Data Location: Where is the IT infrastructure storing your data—within Australia or overseas?

• Cybersecurity Standards: What is the company’s cybersecurity posture? Can they produce a certificate verifying compliance with security standards?

The Need for Transparency and Accountability

In an era where cyber threats are prevalent, businesses must prioritize transparency and security. It is not enough to collect and store sensitive information; companies must ensure they have robust cybersecurity frameworks and clear policies on data handling. Consumers, too, need to take a more proactive role in questioning how their information is used, stored, and protected.

With data breaches making headlines regularly, the question remains: Are we doing enough to safeguard our confidential information, or are we simply trusting that companies have our best interests at heart?