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Friday, July 12, 2024

Financial Institutes Collaborate to Strengthen Data Security

Thai financial institutions have reached an agreement to better protect clients’ personal data in the face of ever increasing cybersecurity threats.

Regulators of the financial sector recently announced a new partnership on data security, with a Memorandum of Understanding signed aimed at better protecting personal information.

Signed between the Bank of Thailand, the Office of the Securities and Exchange Commission, the Office of Insurance Commission, and the Office of the Personal Data Protection Commission, this agreement will provide a personal data protection framework between financial institutions. It will also provide data security training for staff members and raise public awareness about protecting personal data.

According to Bank of Thailand (BOT) Governor Sethaput Suthiwartnarueput, some 22.7 billion entries of personal data were leaked last year, 65% of which were transaction records containing the names of clients.

He said the new framework will help ensure compatibility and reduce redundancy in the personal data policies implemented by financial institutions, as well as allow banks and their clients to securely and conveniently use personal data stored following the completion of transactions.

Sethaput said the BOT now aims to provide a broader landscape of financial services, adding that this will serve as a key foundation for Thailand’s financial sector, which will in turn enable a smoother transition into the digital era.

Kris Lam
Author: Kris Lam

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