Why is confidentiality critical when managing information?

Why is confidentiality critical when managing information?
Confidentiality is the protection of personal information. Confidentiality is the ethical and professional duty not to disclose inappropriate information to a third party. Confidentiality means keeping a client's information between you and the client, and not telling others including co-workers, friends, family, etc. In business, confidentiality exists to protect the privacy of a business entity, including its critical or sensitive business information. Confidential information can be the most valuable asset of a business. A competitive edge in the marketplace may rely on a business having certain information which its competitors do not.
The lack of preplanning regarding the flow of confidential information within the business environment can result in misunderstandings about safeguarding critical business secrets and preventing thefts of intellectual property, including property protected by copyrights, trademarks, and patents.
Respect for client confidentiality and staff personal information should be a high priority for all community services to comply with legislation that governs disclosure of information. In this regard all organisations need to have policies and procedures that provide guidelines for workers. Appropriate worker behaviour can also be incorporated in a code of conduct.
Confidentiality is necessary for the best interests of the organization, or because disclosure of the information will cause significant damage to the business itself or to other organizations.
The need for confidentiality exists when information is designated as "confidential" (e.g. stamped or announced). It also applies where the need for confidentiality is obvious or evident (depending on the nature of the material or context of the situation), or when required by applicable law-even when the information is not specifically designated as confidential.
To ensure confidentiality, workers should only access confidential information for work that is covered by their job description and the policies and procedures of the organisation. They should only disclose information to other parties where a client (or co-worker in relation to their personal information) has consented to the release of the information or where disclosure is required or mandated by legislation due to indications of risk of harm. Further workers need to ensure that any information that is collected is securely stored and disposed of.