The government announced its plan to prevent the recurrence of personal data leak accident on March 10, 2014. In a press briefing jointly held by the Financial Services Commission, Ministry of Strategy and Finance, Ministry of Security and Public Administration, Korea Communications Commission, and Financial Supervisory Service, FSC Chairman Shin Je-Yoon promised that the authorities will make sure that personal data leak accident will never happen again in the financial industry.
The announced plan contains 7 key measures:
1) Financial companies will only be permitted to collect the necessary minimum personal information and store the collected data for 5 years to the maximum.
2) Resident registration number will be required only once in the first financial transaction and stored in an encrypted form.
3) Important clauses related to the provision of personal information will be printed in bold type to increase legibility.
4) Financial institutions will be required to introduce ‘Do-not-call’ system which financial customers can register to deny phone calls for marketing purposes. Financial customers will be able to check whether their personal information is being used and shared legitimately by financial firms.
5) CEO’s responsibility on data protection and security will be intensified. Punitive sanctions against those who fail to safeguard customer information will be significantly strengthened.
6) A special agency for electronic financial data security will be established. All POS terminal devices will be replaced with IC card payment devices to ensure safe protection of personal credit card data.
7) All unnecessary personal information provided by financial groups and shared with their affiliates will be immediately deleted. Financial companies will be required to establish a contingency plan for future data leak accident.
In the bottom of the measures announced today lies the government’s recognition that perfect protection of personal data is the core element necessary to restore trust and stability of the financial industry. The government will never act against the people’s trust again and pursue to safeguard precious information of all financial customers.
click to read the press release -> http://www.fsc.go.kr/downManager?bbsid=BBS0048&no=89679