The 'ISO/IEC 27562 (Privacy guidelines for fintech services)' standard, developed by Soonchunhyang University in Asan, Chungnam for the protection of personal information in fintech services, has been officially adopted as an International Standard (IS).
According to the university on the 18th, Professor Yeom Heungyeol of the Department of Information Security proposed this standard at the ISO/IEC JTC 1/SC 27/WG 5 (Identity Management and Privacy Technologies) meeting in November 2020 to protect personal information within fintech services and enhance user trust.
After being approved as a new project in March 2021, it underwent four years of development. In the FDIS member country vote held from September to November last year, all 26 countries unanimously agreed, recognizing its excellence.
Accordingly, it is expected to be officially published as an international standard within this year.
ISO/IEC 27562 presents personal information control measures that can identify in advance and prevent privacy infringement risks that may arise among various stakeholders in fintech services, such as service providers, personal information processors, personal information trustees, and traditional financial institutions.
In particular, as it takes into account requirements in the financial sector such as anti-money laundering and financial transaction detection, it is expected to make a practical contribution to securely protecting customers' personal and transaction information.
Professor Yeom said, "In the future, this standard will help domestic fintech companies gain international trust in terms of personal information protection."
President Kim Seungwoo said, "The adoption of this international standard is an important achievement, as Korea has taken the lead in raising the level of personal information protection in the global fintech market."
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