livecasinopokertournaments| Deeply explore the value of data! "Paying for privacy, banks 'latest actions

The financial reports of listed banks in 2023 have been fully disclosed recently, and the public disclosure of data security and governance by a number of banks has attracted the attention of Chinese journalists of securities firms.

Data governance is the key cornerstone of releasing the value of data. To this end, commercial banks are constantly improving their data governance systems, comprehensively strengthening the whole process management of data governance through a series of multi-dimensional measures, such as mechanism optimization, technological innovation, business integration and security, to ensure the effective use of data and maximize the value.

This also reflects that financial institutions are not only hungry for data, but also have stronger requirements for data security and compliance. At the same time, policies and regulations on personal information protection and data security have landed one after another, which has become the most direct motivation for banks to be willing to pay for privacy.

Vigorously promote data governance

In fact, in the past two years, many leading state-owned banks, joint-stock banks, and some urban agricultural commercial banks have set up projects one after another, not only seeking to use privacy computing technology to get through internal data or access external data, but also building special classes to promote data governance and other actions, trying to accelerate the release of data value potential in the financial industry.

Generally speaking, at present, the data governance level of Industrial and Commercial Bank of China and Construction Bank has a higher degree of certification and is in the forefront of the industry. In 2023, China Construction Bank obtained the data management capability maturity (DCMM) level 5 certification. It is understood that the data Management capability maturity Assessment Model (DCMM) is the first national standard in the field of data management issued by the National Standardization Management Committee, and it is the authoritative data management maturity certification system in China.

Previously, ICBC received the certification in 2021. By the end of 2023, commercial banks have occupied 2 seats among the 10 DCMM5-certified enterprises in the country, which also represents the leading level of banking data governance.

In addition to the above two institutions, in terms of state-owned banks, the Postal savings Bank carried out five special governance projects, such as institutions and counterparties, and obtained the data management capability maturity (DCMM) level 4 certification in 2023, and the Bank of Communications has also obtained this level certification before.LivecasinopokertournamentsBank of China (601988) integrates internal and external data to promote the construction of "Bank of China one statement".

The progress in the joint-stock bank is as follows: China Merchants Bank (600036) introduced nearly 400 data sources, big data's service covered 60% of the bank's employees, Ping an Bank (000001) optimized data governance standards exceeded 2700, and Industrial Bank (601166) built 2.LivecasinopokertournamentsEighty thousand enterprise data dictionary standards helped to improve data quality in key areas. Everbright Bank (601818) completed the formulation of data standards for more than 100 indicators, and the comprehensive score of data quality increased by 4.62 points compared with the same period last year.

It is worth noting that some banks have also mentioned the progress of investment in privacy computing. According to the 2023 annual report of the Industrial and Commercial Bank of China, it explores the application of privacy computing in cross-agency scenarios and works with the financial industry to achieve inter-bank capital pipeline verification based on this technology; according to the 2023 annual report of the Bank of China, it accelerates the construction of new technology platforms such as private computing, Internet of things, blockchain, and artificial intelligence, covering more than 1800 business scenarios.

"as early as when the people's Bank of China issued financial industry standards for multi-party data cooperation, banks began to set up projects for privacy computing." A third-party data provider spoke bluntly to the reporter.

Data security and compliance are more important than ever

From long-term tracking of industry trends, it is not difficult to see that major commercial banks attach unprecedented importance to data security, and many have promoted it to the top-level design and strategic planning level of digital transformation, strengthening data security management, improving data security protection capabilities and reducing data security risks.

For example, the Construction Bank has formulated plans such as the measures for the Management of personal customer Information Protection (2023 Edition), the measures for data Security Management, and the contingency Plan for data Security incidents, while expanding the internal data security knowledge base to promote bank-wide learning.

The Bank of China mentioned in its 2023 report that the bank promoted data life cycle security protection and passed the first data security management certification in the financial industry. At the same time, Everbright Bank completed the data security impact assessment of more than 300 key business scenarios. In addition, Zheshang Bank also mentioned that its "Network Security Innovation Studio" was selected as the first alliance of innovative studios for model craftsmen.

In retrospect, on November 24, 2020, the people's Bank of China issued the Technical Specification for the Application of Multi-party secure Computing Finance, followed by the guidelines for data capacity Building in the Financial Industry. The two industry standards further make it clear that financial institutions should follow the basic principles of "safety compliance, minimum adequacy, availability and invisibility" when dealing with data, so as to ensure that data ownership will not be transferred due to sharing and application.

The release of industry standards provides practical reference for the financial industry, and banks are becoming more and more enthusiastic about the introduction of technologies such as private computing, which is related to the changes in their business needs. A person from the online finance department of the Agricultural Commercial Bank told the Chinese reporter of the brokerage that the demand for external data procurement is indeed increasing, and the importance of data security and compliance issues to banks is unprecedented.

The person further pointed out to reporters that after the further landing of the relevant policies, the retail credit business of some scenarios of finance will still be affected, which also makes banks feel more and more that "the key parts should be controlled by themselves."

Maximize the potential of data resources

"Banking data security and other aspects of supervision is the most stringent, bank customer accounts, capital flows and other information is one of the most important data information in commercial business." Zhou Maohua, a financial market analyst at Everbright Bank, told the Chinese reporter of the securities firm.

In fact, with the landing of compliance policies and the development of information technology, data security has been placed in a more important position, and banks have more standardized management in terms of data storage, processing and use, and more stringent management rights. In the future, more attention will be paid to resource investment in data security maintenance.

A legal personage in the field of financial technology also told Chinese reporters that although banks have strict regulations on the storage of customer information, however, there is still a big gap in the collection and use of information, "this is mainly because banks faced the situation of'no basis'in the field of personal information protection in the past."

"For example, before the introduction of the Personal Information Protection Law and the Data Security Law, the law that could be relied on was the Cybersecurity Law. Article 40 required network operators to establish a personal information protection system." He pointed out that there are no practical norms on how to build this system."This was supplemented to some extent in the subsequent Personal Information Protection Law."

In a strong regulatory environment, financial institutions have always faced high illegal costs. After the legal system is gradually improved, these illegal costs will be transformed into compliance costs. The above-mentioned legal person further told reporters that after the division of rights and responsibilities is clear, banks will have to bear the responsibilities to the extent they achieve it. This is a state with laws to follow, rather than groping in the dark.

This article was first published on Weixin Official Accounts: Broker China. The content of the article belongs to the author's personal opinion and does not represent the position of Hexun.com. Investors should act accordingly and bear the risks themselves.