News and developments
Deregulation of the Financial Sector’s Cloud Computing and Network Separation
The main contents of the improvement plan are as follows.
Regulatory Improvements on the use of Cloud Computing:
- Make clear the assessment standards for determining the level of work significance in the use of cloud computing
- Reduce the number of assessment criteria for cloud service providers (CSPs) from 141 to 54 criteria
- Differentiate the process for cloud computing usage based on the level of work significance
- Introduce a uniform assessment system on CSPs to reduce burdens on financial companies
- Draw up a distinctive set of assessment standards for SaaS
- Simplify the paperwork required for submission such as the “work consignment operational standards”
- Change the current requirement of prior reporting to an ex post facto reporting for the use of cloud computing
Regulatory Improvements on Network Separation:
- Exemption of network separation rules for development and test servers
- Exemption of network separation rules for non-electronic financial work and SaaS
- Step-by-step deregulation of network separation over medium to long term