Ministry of Science and ICT Recognizes First Electronic Signature Following Abolition of Certified Electronic Signature System

[Asia Economy Reporter Eunmo Koo] The Ministry of Science and ICT and the Korea Internet & Security Agency (KISA) announced on the 26th that they held the Electronic Signature Certification Recognition Committee on the 25th and finally recognized that NHN Payco complies with the operational standards for electronic signature certification work under the Electronic Signature Act.

The Recognition Committee plans to sequentially review the compliance with the operational standards for electronic signature certification work of four other applicants, including Naver, BankSalad, Korea Information Certificate Authority, and Shinhan Bank, in early next month.

The electronic signature certification evaluation and recognition system was introduced following the amendment of the Electronic Signature Act and the abolition of the certified electronic signature certification system to provide users with information on reliable and stable electronic signature certification methods. The evaluation items consist of 70 criteria, including physical, administrative, and technical security measures that businesses must adhere to for ensuring the safety and reliability of electronic signature certification and protecting subscribers and users, as well as personal information protection.

According to the Electronic Signature Act, electronic signature service providers who have received evaluation and recognition will be able to participate as integrated authentication methods for financial MyData services if they meet the requirements according to the integrated authentication standard specifications in the financial sector.

Hong Jin-bae, Director of Information Security Network Policy at the Ministry of Science and ICT, said, “This will serve as an opportunity for the electronic signature market to settle after the abolition of the certified electronic signature system, and we expect more service providers to receive evaluation and certification in the future.” He added, “We will continue to develop and implement various policies so that the public can conveniently use safe and reliable electronic signature certificates in their daily lives.”