Apr 18, 2022 / No. 157
There has been a boom in the amount of data generated daily. In January 2020, the era of “MyData” began when amendments to the Personal Information Protection Act, Act on Promotion of Information and Communications Network Utilization and Information Protection, and the Credit Information Use and Protection Act (or the Data 3 Act) passed the plenary session of the National Assembly and finally implemented in August 2020. People can now “integrate” and “transparently manage” data “by individuals”, not “separately” and “exclusively” “by companies”. Industry that uses data this way is called MyData industry, or simply MyData.
The following process underlies MyData. First, an individual who owns the data requires companies, such as financial companies, to provide their information to MyData Entrepreneurs. Second, companies encrypt and provide the information requested by individuals to MyData Entrepreneurs. Third, MyData Entrepreneurs collect various types of data requested by individuals from companies. As a result, individuals can integrate and transparently manage their data through MyData Entrepreneurs and receive recommendations for customized services from them. Famous Financial Technology (FinTech) platforms such as Bank Salad, Naver Financial, Kakao Pay, and Toss and several banks (Shinhan Bank, Hana Bank, etc.) were selected as MyData Entrepreneurs, while Information Technology (IT) company such as LG CNS were also selected as MyData Entrepreneur.
In fact, prior to the beginning of the MyData industry, services that provide integrated personal credit information had already been implemented by FinTech companies. An application Bank Salad, is an example. However, prior to the rise of the MyData industry, there was a risk of information leakage as personal authentication information was stored in a server or mobile application. Companies had to access necessary data through personal certificates through Screen scraping. Screen scraping is a data sharing method in which companies receive and store individual authentication information, using these to access personal information from particular websites by proxy to scrap and extract only necessary data that appears on online screens. However, now after the rise of the MyData industry, more formal and advanced security technology can be applied due to formal consultation from companies. For example, MyData Entrepreneurs and companies have adopted an Open Application Programming Interface (Open API) method for data sharing channels, instead of using Screen scraping method. Companies that originally used Screen scraping are also expected to shift to the Open API method.
However, no matter how much security is strengthened using Open API methods, there are still threats if individuals do not make careful permissions. Therefore, individuals must learn more about the MyData industry and be careful about permitting MyData Entrepreneurs to use their data.
By Noh Hyun-jin, AG Reporter
noh0605@ajou.ac.kr
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