PRIVACY PROTECTION: The National Development Council is to establish an inter-departmental platform to help other local businesses comply with the new regulation
Taipei Times
Date: May 28, 2018
By: Ted Chen / Staff reporter
Domestic institutions have for the most part taken steps to comply with Europe’s
Financial Supervisory Commission Chairman Wellington Koo on Saturday speaks in Keelung about Taiwan’s compliance with the EU’s new General Data Protection Regulation, which took effect on Friday. Photo: CNA
stringent data and privacy rules — the General Data Protection Regulation (GDPR) — that took effect on Friday, Financial Supervisory Commission (FSC) Chairman Wellington Koo (顧立雄) said the same day.
Most domestic financial firms are expected to be able to comply with GDPR as they have made the required preparations, Koo told reporters on the sidelines of a corporate governance event in Taipei.
However, some Taiwanese lenders would have to do more than their peers, Koo said, noting that the six state-run banks that have branches in Europe would have to appoint data protection officers who report to chief privacy officers and commit additional resources toward information and information transmission security. [FULL STORY]
