From the course: IAPP Certified Information Privacy Professional (CIPP/US) Cert Prep
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Fiduciary duty
From the course: IAPP Certified Information Privacy Professional (CIPP/US) Cert Prep
Fiduciary duty
- A fiduciary duty is a legal obligation that arises when one party is entrusted to act on behalf of another with a heightened level of trust and confidence. For example, a financial advisor has a fiduciary duty to act in the best interest of their clients when providing investment advice. Similarly, corporate directors and officers have a fiduciary duty to act in the best interest of the company and its shareholders. A fiduciary is held to a higher standard of care and must act with loyalty, honesty, and full disclosure. In the privacy context, this duty becomes relevant when organizations or individuals manage sensitive personal data and are expected to prioritize the interests of those whose data they handle. There is an increasing debate around whether companies that collect and process large amounts of personal data, such as those in the tech and healthcare sectors, should be considered to have a fiduciary duty to their users. Under the information fiduciary model, an…
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