For generations, the bankers to the super-rich have been entrusted with a very important role – to maintain a cloak of privacy around their ‘Private Wealth’ clients. Indeed, banks today also make a reasonable attempt to do the same for all their customers, no matter how much of a financial ‘VIP‘ they are. The purpose has always been clear: to protect their assets. What assets? Everything from their investments to their name and address. Who from? Everybody. It is the right of the individual after all to determine if someone needs to know particular information.
The same is true for doctors, who go to great pains to protect doctor-patient confidentiality. Similarly, confidentiality encompasses the concept of privacy – nobody wants their ailments being gossiped about, the operative words being “their” and “ailments“. It’s personal to them. It’s confidential to them. It’s private to them. Whatever ‘it’ (the ailment) is. Again, who is this information being kept confidential from? Everybody. And again, it is the right of the individual to determine if someone needs to know particular information.
In these modern times, who can see our private and confidential information, whether that be health and / or wealth? Everybody. Whereas the old private records would have been paper-based that very few trusted professionals had access to, all our private data is stored on servers that are all connected together to form the internet. This makes things far more efficient for bankers and doctors, who need to be more efficient to get more done and to save more money. These systems that hold our data can be accessed by four main categories:
- an extended team of professionals who work within the organisation that owns the database, including not just your personal doctor or banker, but also all the rest of the staff… when these people access your files for their own ends, it is known as fraud
- anyone with access to the interconnected web of servers we otherwise today also refer to as the Cloud that connects suppliers to providers to customers (and vice-versa), who knows the tricks to break beyond entry barriers – recent examples include 12 year old surfers, foreign governments, competing companies, extortionists… when these people access your files for their own ends, it is known as hacking
- any government body with legitimate approval under their law to monitor your online transactions or interrogate your email – as a nice example, we are seeing Apple being dragged through the US legal process by the FBI at the moment, and we see many examples where governments are expecting a company to be a government agent or deputy in enforcing the law (which is not the core business of that company)… when these people access your files for their own ends, it is known as legal or lawful interception
- any organisation who provides you with an online service, be it free or paid for – for example, Google giving your free email, or BMW asking you to provide your contact details ‘for support purposes’ … when these people access your files for their own ends, it is known as commerce
The point about each of these categories is “for their own ends“. Whatever these groups are accessing is private and confidential information. It is certainly not “for your end“. If you wanted to share this information, I am sure you would have given permission if asked for the requestor to access whatever it was that you didn’t need to hide, i.e. keeping private those things about your life that you decide to keep private.
Now, for some strange reason, encryption seems to be the answer to the privacy prayers. Has nobody studied history at school? Lessons learned in every organisation surely teaches the leaders that every time security is improved, it is almost immediately compromised. Then more money is spent, and the cycle continues. If it is a company that suffers this intrusion, existing customers can expect to discontinue their custom, and shareholders can expect to see their investment spiralling downwards.
The good news is that LifeBank uniquely fixes the privacy problem for us all. It means that hospitals with electronic medical records (EMR) systems no longer have to try to connect their systems to doctors surgeries, pharmacists, or foreign clinics. This is because LifeBank gives us the ability to carry our own personal medical records (PMR) on our person, and give it to the medical professional who needs it, when it is needed. And the benefit for our banker? It means that they no longer have to spend huge amounts of money on secure, encrypted systems, only to see their customers take their business elsewhere, as shareholders regret their investments. It also means that the bank becomes compliant with regulations around storing data, because LifeBank gives the banker the ability to see only the information that we want to show them. But most importantly, to you and me, LifeBank means that our information, our data, and all of our documentation, all remains private.
Organisations who are giving their patients and clients LifeBank are suddenly realising that by addressing their number one concern – that of privacy – then those organisations are truly showing themselves to care and have their customers’ best interests at heart, because they rocket up the ‘most trusted’ list. Those organisations who fail to address this major concern can expect to continue to enjoy their comeuppance. We all have a choice. I chose privacy. I chose LifeBank.