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http://dx.doi.org/10.22693/NIAIP.2021.28.3.049

The Details and Outlook of Three Data Acts Amendment in South Korea: With a Focus on the Changes of Domestic Financial and Data Industry  

Kim, Eun-Chan (Department of Intelligence and Information in Seoul National University and Dept. Manager of Hanwha Investment & Securities)
Kim, Eun-Young (Department of Law in Korea University and Judiciary of Republic of Korea)
Lee, Hyo-Chan (Digital Technology Module in Hanwha Investment & Securities)
Yoo, Byung-Joon (Graduate School of Business in Seoul National University)
Publication Information
Informatization Policy / v.28, no.3, 2021 , pp. 49-72 More about this Journal
Abstract
This study analyzes the major content, significances, and future outlook of Three Data Acts amendment enacted in August 2020 in South Korea, with the focus on their impact on the financial and data industries. It seems that the revision of the Credit Information Act will enable the specification of a business which had previously only been regulated as the business of credit inquiry, and also enable the domestic data industry to activate the MyData industry, data trading and platforms, and specify data pseudonymization and trading procedures. For the rational and efficient implementation of the amendments to the Three Data Acts, the Personal Information Protection Committee must be as transparent and lawful in its activities as possible, and fairness must be guaranteed. Even in the utilization of personal information, the development or complementation of the related data processing technologies is essential, and clear data processing methods and areas must be regulated. Furthermore, the amendments must be supported with guarantees and the systematization of a fair competitive system in the data market, stricter regulations on penalties for illegal acts related to data, establishment and strengthening of the related security systems, and reinforcement of the system of cooperation for data transfer.
Keywords
data 3 acts; fourth industrial revolution; MyData policy; pseudonymous information combination; digital data economy;
Citations & Related Records
Times Cited By KSCI : 1  (Citation Analysis)
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