I've recently come across the idea of the "conservation of information" in the so called Black Hole Information Paradox. Yet this article claims that:
Conservation of information is a term with a short history. Biologist Peter Medawar used it in the 1980s to refer to mathematical and computational systems that are limited to producing logical consequences from a given set of axioms or starting points, and thus can create no novel information (everything in the consequences is already implicit in the starting points). His use of the term is the first that I know, though the idea he captured with it is much older. Note that he called it the "Law of Conservation of Information" (see his The Limits of Science, 1984).