MyData Full-Scale Promotion: "Companies Must Provide Personal Data Upon Transfer Request"

Presidential 4th Industrial Revolution Committee, 23rd Plenary Meeting
Deliberation and Resolution on Two Agendas Including 'MyData and Data Platform Activation'

The Presidential Committee on the Fourth Industrial Revolution held its 23rd plenary meeting on the morning of the 11th at the Korea Chamber of Commerce and Industry International Conference Hall, deliberating and approving two agenda items: the "Comprehensive Plan for MyData Development" and the "Measures to Revitalize Data Platforms." Photo by the plenary meeting scene

[Asia Economy Reporter Cha Min-young] It is an era where personal information is also an asset. The government is laying the groundwork to actively foster the 'MyData' industry across all sectors, starting with finance and public sectors in the second half of this year, extending to healthcare, telecommunications, and more. The plan aims to enhance competitiveness in the data industry sector, which is expected to reach approximately 43 trillion KRW by 2025, while also increasing the tangible benefits for the public.

The Presidential Committee on the Fourth Industrial Revolution held its 23rd plenary meeting on the 11th at the Korea Chamber of Commerce and Industry International Conference Hall, deliberating and approving two agenda items: the 'Comprehensive Plan for MyData Development' and the 'Data Platform Activation Plan.'

Attendees included Prime Minister Kim Boo-kyum, Yoon Sung-ro, the private sector chairman of the Fourth Industrial Revolution Committee, ministers from the Ministry of Economy and Finance, Ministry of Science and ICT, Ministry of Trade, Industry and Energy, Ministry of Health and Welfare, Ministry of Employment and Labor, the Director of the Office for Government Policy Coordination, chairpersons of the Financial Services Commission and the Personal Information Protection Commission, vice ministers from the Ministry of Education, Ministry of the Interior and Safety, Ministry of Land, Infrastructure and Transport, and Ministry of SMEs and Startups, as well as the Blue House science and technology advisor. Private sector committee members of the Fourth Industrial Revolution Committee were also present.

What is MyData... Core is the Right to Data Portability

MyData refers to the active management and control of personal information by the data subject, who then proactively utilizes it for credit, assets, health management, and more. The core is the data subject's right to data portability.

Companies such as financial institutions or hospitals must, in principle, provide all data to designated MyData operators upon individual request. To reduce the burden on data subjects, phased opening will be pursued, and incentives such as intermediary systems and fees will be established.

Prime Minister Kim Boo-kyum is greeting the private committee members who attended the meeting on this day.

Individuals, as data subjects, can manage the usage details of the information they have provided at a glance. Whether to request or withdraw consent is also up to the individual’s choice. To secure trust in this process, the government plans to establish authentication and protection measures.

The Fourth Industrial Revolution Committee views that to efficiently promote the MyData business at the national level, a legal foundation must be established, and thus will provide a basis for MyData in the Personal Information Protection Act. Individual laws such as the 'Credit Information Act,' which is being revised and enforced, or the 'Electronic Government Act,' which is scheduled for revision and enforcement, will be adjusted only when their special characteristics are recognized.

The Fourth Industrial Revolution Committee will also establish MyData governance in cooperation with the Personal Information Protection Commission and relevant ministries. Based on this legal foundation, the MyData business is expected to expand starting with the financial sector in the second half of this year.

Big Data Platforms Also Connected

The 'Data Platform Activation Plan,' which includes linking big data platforms scattered across industries so that anyone can easily search big data, was also approved.

Sixteen big data platforms created through collaboration between the public sector and private companies will be linked to an 'Integrated Data Map.' Anyone can browse files or APIs (open application programming interfaces) of data held by these platforms on the Integrated Data Map. Metadata (attribute information about data) will be standardized, and management will be strengthened to specify data sources and comply with update cycles.

Yoon Seong-ro, the civilian chairman of the 4th Committee, is giving a greeting.

In 2022, a data demand forecasting system will be introduced to supply customized data tailored to users' needs. Additionally, analysis service vouchers will be provided to startups and small and medium-sized enterprises lacking technology and personnel capabilities, and data will be offered at discounted or free rates.

A plan to activate the combination and use of pseudonymized information will also be prepared. This year, the data platform’s personal information management system will be inspected and improved, and consulting on pseudonymized information utilization will be conducted. In 2022, pilot projects will be promoted.

At the meeting, the Ministry of Science and ICT announced the 'Public-Private Cooperation-Based Data Platform Development Strategy.' The ministry plans to foster the currently operating 16 big data platforms and newly established platforms as representatives to activate data accumulation and utilization.

Prime Minister Kim Boo-kyum, who presided over the meeting, emphasized, "We will strive to ensure that the wisdom of the private sector is more reflected in policies," and added, "We will open the data era together with innovative service companies." He also requested each ministry to review from the demand-side perspective.

Yoon Sung-ro, private sector chairman of the Fourth Industrial Revolution Committee, said, "MyData and data platforms have been topics for which the private sector has continuously requested institutional improvements and support," and added, "I hope these agenda items will be implemented through each ministry and achieve tangible results."