Privacy

By law, majority of business institutions are required to provide their customers with information regarding their privacy policies on an annual basis. Business institutions are prohibited from sharing nonpublic personally identifiable customer information with non- affiliated third parties, unless consumers are clearly provided with an opportunity to opt-out. However, there have been concerns among people, as the opt-out process is time consuming for many individuals and in some cases privacy notices have been found too difficult to understand. Customers also indicate that current privacy notices are too long, contain too much legal jargon, or are too hard to read.

The privacy notices that business firms traditionally send to their customers are not new, however, with the growing explosion of the information systems and the Internet, the federal agencies have begun to question whether the traditional types of the privacy notices are adequate or there is a need to revamp...
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