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September 5 2014

Revised Privacy Law to Take Effect Amid Concerns

The government announced that it will ban firms from requesting resident registration numbers for commercial and financial transactions. Credit cards, banks and other financial institutions must also wipe resident numbers from all documents and databases. In place of resident IDs, other security options such as My-PIN numbers are being introduced. The local financial sector, however, is skeptical over just how effective the new measures would be. While it agreed on the need to avoid yet another leak, most believed that the newly proposed options such as My-PIN would face challenges. As the revision does not apply to existing data, critics have warned of additional security breaches.