Canadian Imperial Bank Of Commerce (CIBC) Interview Practice Test

Which principle best supports protecting client data by limiting data collection?

Collect all available data for every client by default. Collect only information necessary to accomplish the stated purpose. Share data with partners without consent. Retain data forever regardless of need.

Correct Answer:

Collect only information necessary to accomplish the stated purpose.

Explanation:

Protecting client data hinges on collecting only what is truly needed for a stated purpose. This data minimization approach means you gather just the information essential to provide a service, verify identity, or complete a transaction, and you use it only for those purposes. By limiting collection, you reduce the amount of data at risk in the event of a breach, simplify data management and retention, and align with privacy laws and customer trust. The other options push towards gathering unnecessary data, sharing data without consent, or keeping data indefinitely, all of which increase risk and can violate privacy requirements.

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