BEIJING, March 27 (Xinhua) -- The National Administration of Financial Regulation (NAFR), the Chinese financial regulator, released on March 22 its opinion-inviting rules on data security of banks and insurance institutions, reported Xinhua Finance recently.
NAFR took the move to streamline data treatment practices of banks and insurers, help secure data safety, boost rational utilization of data, improve at a steady pace digital and intelligent financial services and protect the legitimate rights and interest of related individuals and organizations.
NARF defined in the rules the governance structure for data safety of banks and insurers, established data classification standards, strengthened data security management, enriched the data safety technological protection system, reinforced individual information protection, optimized data security risk monitoring and treatment mechanisms and specified regulatory responsibilities.
Based on the current public-opinion collecting until April 23, NAFR will amend and optimize the rules and publish them at an appropriate timing.
(Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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