Firms to use per­sonal credit in­for­ma­tion via cloud com­put­ing

The Korea Times - - FINANCE - (Yon­hap)

The fi­nan­cial reg­u­la­tor has eased a rule that will al­low fi­nan­cial firms to use per­sonal credit in­for­ma­tion through a cloud com­put­ing ser­vice from next year, of­fi­cials said Fri­day.

So far, fi­nan­cial firms have been al­lowed to use cloud com­put­ing ser­vices on busi­nesses that are not re­lated to cus­tomers’ in­for­ma­tion due to pri­vacy con­cerns.

The eased rule, which will go into ef­fect from Jan. 1 next year, en­ables fi­nan­cial firms to col­lect and store per­sonal credit in­for­ma­tion on their cus­tomers via a cloud com­put­ing ser­vice, ac­cord­ing to the Fi­nan­cial Ser­vices Com­mis­sion (FSC).

Also, it calls for fi­nan­cial firms to step up ef­forts to bet­ter pro­tect cus­tomers’ pri­vacy on­line, the FSC said.

The eased rule is ex­pected to help fi­nan­cial tech­nol­ogy firms gain more ac­cess to cloud com­put­ing ser­vices in the fi­nan­cial in­dus­try, the FSC said.

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