Sunday, December 15, 2024 12:25:31 AM - Markets closed
VN-INDEX 1,262.57 -4.78/-0.38%
HNX-INDEX 227.00 -0.99/-0.43%
UPCOM-INDEX 92.54 -0.14/-0.15%
Policy on security in online banking service provision drafted
vietnamnews - 6/26/2024 10:55:26 AM
 (0 ratings. You must sign in to rate.)
The State Bank of Vietnam (SBV) has finalised a draft circular on safety and security in providing online services in the banking industry.
 
Under the draft circular, the online banking system must comply with the Government’s current regulations on ensuring the information system security at Grade 3 or higher.
 
According to the Law on Cyberinformation Security 2015, classification of information systems by security grade means the determination of information security grades of information systems in an ascending order from 1 to 5.
 
Grade 3 means that when an information system is sabotaged, it will seriously harm production, public interests and social order and safety or will harm national defence and security.
 
According to the draft circular, the online banking system must also ensure the confidentiality and integrity of customer information and the availability to provide services continuously.
 
Customer transactions must be assessed for minimum risk according to each customer group, transaction type and transaction limit to enable the provision of appropriate forms of transaction authentication for customers.
 
The draft circular requires banks to carry out annual security and confidentiality inspections and assessments of the online banking system.
 
In addition, banks must regularly identify potential risks and determine the causes of the risks in providing online banking services to promptly take measures to prevent, control and handle those risks.
 
Information technology infrastructure and equipment that are used to provide online banking services must have copyright and origin. For equipment that is nearing the end of its product life cycle and will no longer be supported by the manufacturer, banks must have an upgrade and replacement plan according to the manufacturer's announcement to ensure the equipment to be installed with new software versions.
 
Besides having firewalls and monitoring and warning systems against unusual behaviour, banks must also establish a mechanism to detect and prevent intrusions and network attacks on their online banking system, according to the circular drafts.
 
According to Trần Quang Hưng, deputy director of the Ministry of Information and Communications’ Information Security Department information security in the banking system plays an important role.
 
With a large amount of bank and customer data, the security of customer information in particular and banking data in general is mandatory for all credit institutions. Therefore, banks need to be equipped with modern technology and constantly strengthen their capacity as well as invest in security.
 
Sharing that view, Phan Việt Linh, director of CDNetworks Vietnam, said the speed of digital transformation in the finance and banking sector in Việt Nam was accelerating.
 
At the same time, banks often face attacks from high-tech criminals attempting to steal customer data to conduct property appropriation fraud. Therefore, banks must strengthen defence measures to ensure safety and security in their systems. — VNS
 
Read original article here
Newer News
13/12 VN to regulate digital assets with digital law
13/12 Banks face difficulties in balancing capital raising and lending
10/12 Dialogue on tax and customs policies to ease business operations
10/12 Bank capital contribution needs investigation to prevent cross-ownership
09/12 More tax law reforms needed to address e-commerce challenges
05/12 PM direction to promote credit management solutions
02/12 2-per-cent VAT reduction extended to the end of June
02/12 E-commerce platforms to declare, pay taxes on behalf of sellers from April 1, 2025
29/11 State bank increases credit growth limit for banks for second time this year
28/11 PM asks central bank to accelerate lending to businesses
Older News
25/06 Standard Chartered forecasts Q2 GDP to moderate amid higher inflation
25/06 Việt Nam doesn’t manipulate currency: US Treasury
24/06 Banks are lifting deposit rates
24/06 Livestreaming under scrutiny to increase tax management efficiency
10/06 TCB: Techcombank receives green light to double charter capital
10/06 CTG: Vietinbank to auction 10 land plots with $1m reserve price to recover debts
05/06 Bank savings of individual customers recover while institutional savings decline
27/05 Experts predict deposit interest rates to rise 1 percentage point in H2
22/05 Finance ministry works with S&P on sovereign credit rating
13/05 Central bank's bid to stabilise gold market hits snag
 
Newsletter Signup
Top Stories
VCCI recommends mineral mining rights be granted through auction and bidding
Central bank works to raise interbank rates and ease forex market
Inflation a concern following salary increases
National Council for Sustainable Development established
Việt Nam, Cambodia look forward to $20 billion trade
Market Update
Last updated at 3:05:01 PM
VN-INDEX 1,262.57 -4.78/-0.38%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.