Final answer:
Maintaining the security of personally identifiable information is vital to prevent identity theft, financial loss, and breaches of trust. Large-scale data breaches have exposed millions to such risks, highlighting the need for robust online privacy and security measures by organizations maintaining sensitive data.
Step-by-step explanation:
Failure to maintain the security of personally identifiable information could have severe implications for registrants, such as those involved with customer databases, voter registration, or any system storing personal data. Online privacy and security are critical due to the increased threat of identity theft, financial loss, and lack of trust in institutions that were once deemed secure. When large-scale data breaches occur, like the ones experienced by Target, JPMorgan, and iCloud, millions of individuals face the risk of their private information being exploited, leading to consequences such as identity theft and financial theft.
These security breaches not only affect individuals but can threaten national security, cause power shutdowns, and interfere with elections, costing society tremendously both in monetary and social terms. Hence, organizations must implement robust security measures and practices to ensure the protection of sensitive data, thereby maintaining the trust and safety of the individuals and the integrity of democratic processes.
Given the rising concerns over the extent of personal information available online, and the history of breaches affecting businesses, celebrities, and individuals, it's essential for organizations to safeguard personally identifiable information vigilantly to prevent negative repercussions for the registrants.