The Information Age has created a new type of business that thrives off of widespread collection and use of personal information. [1] At this time, though, there is no federal statute to define the obligations these businesses owe regarding the use of their users’ and customers’ data. While doctors and lawyers are legally obligated to respect the privacy of their clients’ information and cannot use that information to further their own interests, large companies are not held to the same standard.
As data-driven businesses continue to emerge, grow, and gain relevance in our society and economy, it is imperative that a clear standard of information fiduciary responsibilities be defined. Federal legislation classifying businesses as information fiduciaries would protect individual data privacy rights by requiring businesses to act with the utmost good faith in relation to their use of individual data.
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