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http://dx.doi.org/10.13089/JKIISC.2019.29.5.1205

A Study on Privacy Protection in Financial Mydata Policy through Comparison of the EU's PSD2  

Song, Mi-Jung (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. 1205-1219 More about this Journal
Abstract
As the ability to use data becomes competitive power in the data-driven economy, the effort to create economic value by using personal data is emphasized as much as to protect personal data. EU's PSD2(the second Payment Service directive) became the initiative of the Open Banking trends all over the world, as it is the Mydata policy which protects the data subject's right by empowering the subject to control over the personal data with the right to data portability and promotes personal data usages and transfer. Korean government is now fast adopting EU's PSD2 in financial sector, but there is growing concerns in personal data abuse and misuse, and data breach. This study analyzes domestic financial Mydata policy in comparison with EU's PSD2 and focus on Personal information life-cycle risks of financial Mydata policy. Some suggestions on how to promote personal information and privacy in domestic financial Mydata Policy will be given.
Keywords
PSD2; Open Banking; Mydata; Data Portability;
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