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http://dx.doi.org/10.13089/JKIISC.2019.29.5.1191

A Critical Review on Data Localization in the Financial Cloud  

Jang, Woo-Kyung (Graduate School of Information Security, Korea University)
Kim, In-Seok (Graduate School of Information Security, Korea University)
Publication Information
Journal of the Korea Institute of Information Security & Cryptology / v.29, no.5, 2019 , pp. 1191-1204 More about this Journal
Abstract
In January 2019, the government revised the regulation on electronic financial supervision to revitalize the use of cloud in the financial sector. However, as cloud policies and regulations cloud undermine financial firms' autonomous security activities or restrict some of the people's basic rights, there has been little movement in the financial sector to use important information as the cloud. In addition, the data localization policy, which requires important information to be kept only in Korea, is a representative regulation that prevents the revitalization of cloud use, which also creates discrimination problems for overseas operators. Therefore, policy and regulatory improvements are needed to enable the cloud to provide a foundation for digital financial innovation through data. This study looked into the current status of cloud policies for domestic and foreign financial companies and analyzed policies and regulations for domestic financial companies. Through these efforts, the government aims to draw up limitations and problems in cloud policies for domestic financial companies and propose policy alternatives, such as measures to improve regulations on localizing data for financial companies to revitalize their use of cloud.
Keywords
Cloud Computing; Data Localization; Information Security; Improvement of Regulations;
Citations & Related Records
Times Cited By KSCI : 1  (Citation Analysis)
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