Regulator to revise guidelines for cloud computing in financial industry

SEOUL, July 15 (Yonhap) — The financial regulator said Sunday it will revise guidelines to encourage financial firms to use more cloud computing services.

In a statement, the Financial Services Commission (FSC) said it will set up a task force this month to discuss measures, such as how to ease regulations, how to alleviate security concerns and ways for smaller financial technology firms to have more access to cloud computing services in the financial industry.

Currently, due to privacy concerns, financial firms can use cloud computing services on businesses that are not related to customers’ information.

So, most financial firms use cloud computing services for their internal management affairs and investment analysis, according to FSC officials.

At the end of March, 37 financial firms used 73 cloud computing services, according to the FSC.

The revised guidelines will come into force from January next year, the FSC said.


(Excerpt) Read more Here | 2018-07-15 03:04:39
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