WebTrust Addresses Privacy Concerns; More Countries Offer Service.

• Position: Brief Article

Privacy is a huge and growing issue among online shoppers in the U.S. and abroad. Market research by many organizations shows that fears of online shoppers, and even business vendors, range from loss of sensitive corporate data to lost credit cards, unwanted surveillance, and misuse of personal information.

While the government had asked businesses to "police themselves," it appears self-regulatory initiatives have not been satisfactory. Up to 300 pieces of federal legislation are being proposed and in the U.S., businesses have created a senior executive position, the Chief Privacy Office. The first piece of legislation (Gramm-Leach-Bliley) calls for financial institutions (e.g., banks, insurance entities, and securities concerns) to disclose how their customers' information will be used to allow for "opting out" of the information transfer. The bill impacts online and offline privacy and must be met by July 1, 2001.

The new WebTrust Program for Online Privacy is well suited to provide a strong...