"MyData Era Begins in Earnest... Need to Establish Management and Supervisory Organization"

2021 Joint Conference on Economics
Professor Jeon Seong-in's Policy Task Presentation

"Personal Data Should Be Managed Separately from Protection and Economic Perspectives"

[Asia Economy Reporter Seong Giho] As the era of Personal Credit Information Management Business (MyData), which can integrate scattered financial information, is in full swing, there have been calls for systematic management and supervision of the personal data industry. To this end, it is advised that personal data be managed separately from the perspectives of protection and economics, and that a supervisory organization be newly established.

According to the financial sector on the 8th, Professor Jeon Seong-in of the Department of Economics at Hongik University proposed this during his presentation on "Policy Tasks for the Development of the MyData Industry" at the '2021 Joint Economics Academic Conference' held on the 5th. This academic conference was attended by 53 academic societies, with 1,000 economists presenting and discussing about 400 papers. This year, due to the impact of COVID-19, it was held online.

Professor Jeon pointed out that the biggest current problem in the personal data industry is the coexistence of conflicting policy directions: one aiming to protect personal information as an economic good subject to trade, and the other using deregulation of personal information as a pretext to obscure property rights.

He explained, "The legal nature of personal data held by individuals is ambiguous," and "The economic compensation for allowing the aggregation of personal data is unclear, resulting in a structure where most benefits from the use of personal data are monopolized by the final demanders."

To improve this, he emphasized that the following should be established: △principled prohibition of additional information processing beyond the original collection purpose △principled prohibition of profiling aimed at describing specific individual attributes △expansion of the scope of transmission request rights △expansion of the scope of deletion request rights.

Regarding future policy tasks, he also stated that △property rights over personal data △introduction of a so-called 'Personal Information Brokerage Company' responsible for aggregating and mediating the sale of personal data △reorganization of the regulatory system concerning the protection and utilization of personal data are necessary.

In particular, Professor Jeon suggested that for the protection of personal privacy, the 'Personal Information Protection Commission' should be responsible, while protection from the perspective of financial consumers should be handled by a financial market supervisory organization.

This content was produced with the assistance of AI translation services.