Final answer:
Privacy refers to keeping identifiable information confidential and plays a crucial role in protecting individuals' personal, financial, and medical data. This concept is governed by legal regulations like HIPAA and is observed in journalism through reporter's privilege.
Step-by-step explanation:
Privacy refers to keeping information confidential that is personally identifiable or which might cause harm, embarrassment, or disgrace to someone if revealed. It involves the protection of personal, financial, medical, and national security information. For example, the Health Insurance Portability and Accountability Act (HIPAA) sets standards for maintaining strict confidentiality of patient records in the healthcare industry. Journalists also practice confidentiality of sources to protect them from government prosecution, known as reporter's privilege.