As Vietnam accelerates its digital transformation agenda, specialists emphasize the paramount significance of knowledge safety and privateness within the finance and banking sector.
Nguyễn Viết Hòa, head of neighborhood data on the Vietnam Blockchain Union, highlighted the integral function of knowledge safety in safeguarding the finance and banking business’s digital infrastructure. From conventional record-keeping strategies to stylish core banking methods dealing with billions of digital information every day, knowledge safety has been pivotal in making certain protected, clear, and environment friendly operations.
Hòa outlined 5 frequent classes of knowledge safety options adopted by Vietnamese banks: fraud prevention, knowledge danger management, community infrastructure safety, phishing assault prevention, and knowledge loss prevention. He emphasised the importance of adhering to worldwide requirements to boost danger management and data safety regularly.
Furthermore, making certain knowledge privateness is equally crucial. Dr. Huy Phạm, founding father of RMIT Fintech-crypto Hub, acknowledged the authorized framework supplied by Decree 13/2023/ND-CP for private knowledge safety. Nonetheless, he cautioned that efficient implementation inside the finance and banking sector would require vital time and effort.
Dr. Phạm highlighted the need for monetary establishments to strengthen management over the processing and storage of non-public knowledge, particularly given the direct interplay between staff and clients. He cited potential violations of non-public knowledge safety, resembling unauthorized transmission of buyer data between securities firms.
The mixing of synthetic intelligence (AI) within the finance and banking sector raises issues relating to the lawful use of buyer knowledge in AI coaching. Dr. Phạm questioned whether or not knowledge topics would retain management over their private data and their means to trace and problem illegal knowledge utilization in AI fashions.
He pointed to OpenAI’s CHATGPT for instance, briefly banned in Italy till options had been devised to permit knowledge topics to allow or refuse using their private knowledge in AI coaching. Nonetheless, he cautioned that in contrast to search engines like google, generative AI fashions function as “black bins,” limiting customers’ understanding of how solutions are generated.
Dr. Phạm pressured the necessity for particular rules governing using private knowledge for AI coaching within the finance and banking sector. He urged authorities to advertise the adoption of accountable and clear AI fashions whereas making certain compliance with knowledge privateness requirements.
As Vietnam navigates the evolving panorama of digital banking, sturdy knowledge safety measures and stringent privateness rules are important to safeguarding client pursuits and fostering belief in monetary establishments.
