FTC PrivacyCon Features Presentation on Privacy Practice Assessments

At the 2019 FTC PrivacyCon, a representative from Consumer Reports presented a paper on an effort to investigate and determine the privacy practices of large online platforms, such as what consumer data is collected, how it is used and how long it is retained by the companies that collect it.  This effort is intended to allow Consumer Reports to share companies’ privacy practices  in its well-known product and service reviews. 

The methodology to review and evaluate the privacy practices of third parties has potential implications for financial institutions.  In particular, financial institutions are required to perform assessments of third-party service providers for their ability to comply with applicable laws and regulations.  A means of determining and reporting on the relative strength or weakness of a company’s privacy practices would be an important component in selecting and managing third-party service providers.