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Consumer privacy refers to the protection of personal information by businesses, maintaining trust through proper management, collection, and sharing practices as per regulations. Introduction to Consumer Privacy Consumer privacy is crucial for financial institutions and companies. Customers trust businesses to protect their personal information, and this protection is key to maintaining that trust. Regulations are now established to require companies to implement policies, procedures, and practices for managing consumer information—including the Company collects and uses consumer data, shares it with third-party service providers, and the options available to consumers regarding their data collection and usage. Key Privacy Concepts To understand how we protect consumer information, we need to grasp some key privacy concepts. Privacy provides guidelines on collecting, using, and disclosing personal consumer information. There are four types of privacy: information, communications, bodily, and territorial privacy. This module is focused on information privacy due to the relevance of our Company and our business. Specifically, information privacy establishes rules governing the collection and handling of personal information. Data Protection: Refers to regulations that safeguard personal information Personal Information: Includes details that can identify an individual, such as a person's first name (or initial) and the last name combined with, and linked to, information like: Social Security Number Driver's License or State ID Number Financial Account or Credit/Debit Card Number with Security Codes, Access Codes, or Passwords Medical or Health Insurance Information Email or Username with a Password or Security Question Answer that Allows Online Account Access Security Breach: Refers to unauthorized access and acquisition of computerized data that materially compromises the security or confidentiality of personal information held by an entity. This includes data pertaining to multiple individuals and may result in, or is believed to result in, loss or injury to any resident of this Commonwealth. This definition includes a trigger harm, meaning it's only considered a security breach if causes or is believed to cause harm or loss, as determined by the Company. NOTE: State regulation may include paper records as part of a security breach. In addition, some states may consider any unauthorized access a security breach—regardless if there is actual or a belief of harm or loss. Did You Know ? About 81% of consumers feel they have lost control over their personal information. Transparency in how data is handled can significantly enhance customer trust.