Financial Services Commission to Collect Feedback on Pseudonymization and Anonymization Guidelines Until the 30th

[Asia Economy Reporter Kangwook Cho] The Financial Services Commission announced on the 23rd that it will collect opinions on the Financial Sector Pseudonymization and Anonymization Guidebook in accordance with the amended Credit Information Act until the 30th.

With the amendment of the Credit Information Act and the three data-related laws, which will take effect on the 5th of next month, companies and others will be able to utilize personal (credit) information through pseudonymization and anonymization.

However, while penalties for misuse of pseudonymized and anonymized information are severe, the definitions and utilization methods of pseudonymized and anonymized information are not specifically stipulated in the law, causing difficulties for companies in their use.

Accordingly, since last month, the Financial Services Commission has been working with experts, related organizations, and companies to prepare a guidebook that provides specific examples and methods to safely use pseudonymized and anonymized information, aiming to promote the active use of such information.

The main contents of the guidebook include ▲ definitions and related examples of anonymized and pseudonymized information ▲ pseudonymization procedures and details ▲ anonymization procedures and details ▲ data integration procedures and details.

To broadly collect opinions from companies and individuals during the preparation of the guidebook, the Financial Services Commission plans to disclose the draft for discussion on the 24th and receive feedback until the 30th.

Any financial company, business, or individual with opinions on the guidebook can submit their feedback by mail or email to associations, the Credit Information Center, or the Financial Security Institute by the 30th.

The completed "Financial Sector Pseudonymization and Anonymization Guidebook," incorporating the collected opinions, is scheduled to be distributed on the 5th of next month.

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