EFF: “Information Fiduciaries” Must Protect Your Data Privacy
“Information Fiduciaries” Must Protect Your Data Privacy Legislators across the country are writing new laws to protect your data privacy. One tool in the toolbox could be “information fiduciary” rules. The basic idea is this: When you give your personal information to an online company in order to get a service, that company should have a duty to exercise loyalty and care in how it uses that information. Sounds good, right? We agree, subject to one major caveat: any such requirement should not replace other privacy protections. Why We Need Information Fiduciary Rules The law of “ fiduciaries ” is hundreds of years old. It arises from economic relationships based on asymmetrical power, such as when ordinary people entrust their personal information to skilled professionals (doctors, lawyers, and accountants particularly). In exchange for this trust, such professionals owe their customers a duty of loyalty, meaning they cannot use their customers’ information against their cust...