Vietnam: 05 important notes for institutions when exchanging information with clients and third parties

According to the Circular No. 09/2020/TT-NHNN of the State Bank of Vietnam, when exchanging information with clients and third parties, each institution shall take the following responsibilities:

1. Promulgate regulations on information exchange, at least including the followings: types of information to be exchanged; rights and responsibilities of each individual granted access to information; means of information exchange; measures to ensure integrity and confidentiality of information during the process of transmitting, receiving, processing and storing such information; information storage policies.

2. Enter into written agreements when exchanging personal information, internal information and classified information with external parties, in which responsibilities and obligations of contracting parties for use and assurance of information security must be defined.

3. Encrypt or apply measures to keep confidentiality of classified information before they are exchanged. As regards level 5 information systems, the institution must use safe network connections and specialized equipment and means for encrypting and decrypting classified information and during the process of exchanging such information.

4. Implement measures to protect equipment and software that supports information exchange in order to restrict any infringement and illegal access to information.

5. Implement measures to strictly manage, oversee and control electronic information websites which provide information, service and support online transactions with clients.

View more details at the Circular No. 09/2020/TT-NHNN of the State Bank of Vietnam, effective from January 01, 2021.

Thuy Tram

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