Thai financial institutions collaborate to strengthen data security

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Signed between the Bank of Thailand, the Office of the Securities and Exchange Commission, the Office of the Insurance Commission and the Office of the Personal Data Protection Commission, this agreement will provide a framework for the protection of personal data between financial institutions.

Thai financial institutions have reached an agreement to better protect customers’ personal data from ever-increasing cybersecurity threats.

Financial industry regulators recently announced a new partnership on data security, with the signing of a memorandum of understanding to better protect personal information.

Signed between the Bank of Thailand, the Office of the Securities and Exchange Commission, the Office of the Insurance Commission and the Office of the Personal Data Protection Commission, this agreement will provide a framework for the protection of personal data between financial institutions. It will also provide data security training to staff members and raise public awareness on the protection of personal data.

According to Bank of Thailand (BOT) Governor Sethaput Suthiwartnarueput, some 22.7 billion personal data entries were leaked last year, 65% of which were transaction records containing customer names.


He said the new framework will help ensure compatibility and reduce redundancy in personal data policies implemented by financial institutions, as well as enable banks and their customers to securely and conveniently use personal data stored after the completion of transactions.

Sethaput said the BOT now aims to provide a broader landscape of financial services, adding that this will serve as a critical foundation for Thailand’s financial sector, which in turn will enable a smoother transition into the digital age.(NNT)


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