New requirements on the use of cloud computing services in banking sector

The State Bank of Vietnam (SBV) recently issued Circular No. 18/2018/TTNHHH providing for assurance of information systems safety and security in banking operations (“Circular No. 18“). Circular No. 18, issued on 21 August 2018, supersedes Circular No. 31/2015/TT-NHNN (“Circular No. 31“) and will take effect from 01 January 2019.

Circular No. 18 is significant in that it introduces new regulations on the use of cloud computing services in the banking sectors, as well as sets out criteria classifying information and information systems in the banking sector based on their level of importance. Some of Circular No. 18’s notable points are provided below.

1. Classification of information and information systems based on their level of secrecy

Information, which is processed and archived via the information system, is classified into the following three categories:

(i) Public Information: Information disclosed to all subjects without a verification process;

(ii) Internal Information: Information owned by entities authorized to manage, exploit for its subject(s); and...Read More….

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