FSC Secretary General convened financial organizations for the 4th follow up meeting on the comprehensive measures to prevent recurrence of personal data leak accident on June 26, Friday. Participants including the FSS acting deputy governor and vice heads of financial associations reviewed the current conditions of the implementation of the measures.
The FSS has conducted thorough inspections on 3,050 financial firms’ conditions of consumer information protection since January. It was found out that some financial companies still lack proper standards to control outbound consumer data and paid little attention to employee education on data protection. Moreover, few of them didn’t install or update proper security programs and poorly controlled data security personnels.
In particular, the FSS carried out additional inspections to 56 firms of special interest to evaluate their practice of consumer data protection in May. It also required financial companies to brief chief information officers about the inspection results within June and July so that they can make up the inadequate practices pointed out during the inspection.
The financial regulators will continue to keep a close eye on the financial institutions’ implementation conditions of the data protection measures and constantly improve and update what’s needed to better protect consumer’s personal information.