Story image

Korea pledges commitment to APEC data privacy rules

03 Jul 17

Korea is now part of the APEC Cross-Border Privacy Rules system, which aims to protect consumer data used in online transactions.

The Asia Pacific consumer market spend is around US $1 trillion of goods and services every year, more than half of the world's entire spend. According to Nielsen statistics, mobile-based retail sales in Korea increased 42% year-on-year in 2016.

A statement from APEC says that the increasing spend highlights digital trade opportunities and data protection must be an integral part of the process.

APEC Electronic Commerce Steering Group chair Shannon Coe says, “Korea’s entry into the APEC Cross-Border Privacy Rules System is a major boost for e-commerce development and its capacity to securely drive entrepreneurship and trade in the Asia-Pacific region".

The system is a voluntary and accountability-based scheme between APEC countries including Canada, Japan, Mexico, the US and now Korea.

The system presents a common set of rules based on the APEC Privacy framework. Participating companies must follow those rules after being assessed and certified by a third party.

According to APEC, data protection includes identity numbers, bank account and credit card information, medical records, travel documents, as well as emails and instant message content.

“The system is designed to promote confidence in the online marketplace by deterring threats to data privacy and security. In doing so, it facilitates data flows increasingly central to people’s daily lives and that will shape the future of our economies," Coe continues.

The system also promises to reduce barriers to information flows that underpin digital trade between them - impportant as cloud, applications, social media, GPS information, biometrics and online payments thrive.

APEC says it is looking to ensure operating environments are secure for future growth and development in those areas.

“As e-commerce expands opportunities for businesses big and small, it is imperative that we deploy policies that enable transfers of data necessary for them to capitalize. Korea’s inclusion in the APEC Cross-Border Privacy System helps to do just that and paves the way for its continued expansion in the region to amplify the benefits," Coe concludes.

Oracle Java Card update boosts security for IoT devices
"Java Card 3.1 is very significant to the Internet of Things, bringing interoperability, security and flexibility to a fast-growing market currently lacking high-security and flexible edge security solutions."
Sophos hires ex-McAfee SVP Gavin Struther
After 16 years as the APAC senior vice president and president for McAfee, Struthers is now heading the APJ arm of Sophos.
Half of companies unable to detect IoT device breaches
A Gemalto study also shows that the of blockchain technology to help secure IoT data, services and devices has doubled in a year.
Huawei founder publically denies spying allegations
“After all the evidence is made public, we will rely on the justice system.”
Malware downloader on the rise in Check Point’s latest Threat Index
Organisations continue to be targeted by cryptominers, despite an overall drop in value across all cryptocurrencies in 2018.
IoT breaches: Nearly half of businesses still can’t detect them
The Internet of Thing’s (IoT’s) rapid rise to prominence may have compromised its security, if a new report from Gemalto is anything to go by.
Carbon Black: What does cybersecurity have in store for 2019?
Tom Kellerman has shared five insights for the year ahead, including a particularly bold one.
Hands-on review: The Ekster Wallet protects your cards against RFID attacks
For some time now, I’ve been protecting my credit cards with tinfoil. The tinfoil hat does attract a lot of comments, but thanks to Ekster, those days are now happily behind me.