Data & Privacy 200Korea Credit Information Services, a pan-industry body tasked with data preservation and protection, was launched in Seoul on recently amid mounting calls for data security after a series of large-scale information leaks. 

The new entity will act as a centralized data center for personal credit information, taking over data collected and preserved by five different organizations across banking, credit card and insurance. It also seeks to take a consistent and comprehensive approach to data security and usage as big data gains traction as a key tool in developing financial services and products.

The five institutions include the Federation of Korean Banks and Korea Insurance Development Institute and Korea Financial Investment Association.

Min Sung-ki Korea 20160106000584_0“In the era of IT-finance convergence, credit data is not just personal information. It is, in a broad sense, an asset for the national economy,” said Min Sung-ki, the inaugural KCIS chief, during the launch ceremony. “KCIS’ mandate is clear ― to manage the data with strengthened security and seek effective use of it,” he added.

The idea of establishing a pan-industry data center for financial information first emerged after a large-scale information leak at credit card companies in January 2014.  The new body is a nonprofit organization whose operations are governed by law.

Source:  Korea Herald