SBV urges customer information security

The State Bank of Vietnam (SBV) has issued a decree asking businesses to enhance customer information privacy after an alleged breach of mobile retail chain The Gioi Di Dong (Mobile World) revealed personal information of more than five million customers.
sbv urges customer information security

Customers should think carefully before providing personal information on the Internet. (Source:genk.vn)

The breach hit the headlines last week after a hacker posted three files including more than five million emails, 31,000 bank card numbers and transaction histories on RaidForums.

The Gioi Di Dong quickly denied it was the source of the stolen data. The company said it did not store any information related to customers’ bank card numbers or transaction history, adding that banking information is processed by payment service providers, meaning the information could not have been stolen from The Gioi Di Dong. The company said its information system was safe and operating normally.

On November 10, the Authority of Information Security under the Ministry of Information and Communications said it had found nothing to indicate The Gioi Di Dong’s system had been hacked.

After working with the company, the Authority of Information Security said the emails and bank numbers were likely collected from other sources and did not have anything to do with The Gioi Di Dong.

Still, the breach was alarming. The origin of more than five million emails and 31,000 bank card numbers has not been identified.

The SBV asked payment service providers and intermediaries to work with The Gioi Di Dong to identify the cause and monitor the transactions of cards involved in the breach to protect customers.

The central bank also asked payment service providers to comply with customers’ information privacy regulations.

The SBV said in a note on its website on November 10 that initial reports from banks had not found any cases of account appropriation of customers with cards exposed by the breach. However, the breach caused security concerns among customers.

The central bank said it would work closely with other management agencies to uncover the hackers and their motives and dole out punishments in accordance with established laws.

Several days after The Gioi Di Dong’s alleged breach, a hacker posted data which was said to be stolen from baby product retailer Concung.com and threatened to publish data stolen from technology retail chain FPT Shop.

According to security forum WhiteHat, the data said to have been taken from Concung.com included names, positions and working addresses of more than 2,200 employees. More than 2,100 phone numbers, 1,130 emails, 2,200 identity card numbers and 1,390 portraits were also revealed.

According to the Authority of Information Security, cyber attacks designed to steal personal information of customers became more common in 2018.

In Document No 8511/NHNN-TT, the authority asked firms to enhance customer privacy and information security.

Data collection, storage, processing and transmitting must be encoded to comply with security regulations.

The authority urged customers to think carefully before providing personal information to online services and to regularly change passwords.

Ngo Anh Tuan from security company BKAV said enterprises should invest in security systems, especially firms with retail stores and online marketplaces.

Source: VNA

Related News

Difficulty in finding banks eligible to receive compulsory transfers

Difficulty in finding banks eligible to receive compulsory transfers

VCN - Reporting to the National Assembly, the State Bank of Vietnam (SBV) said that one of the difficulties in restructuring the credit institution system is the long process of finding and negotiating banks eligible to receive compulsory transfers.
Pressure on exchange rate plunges

Pressure on exchange rate plunges

VCN – The State Bank of Vietnam (SBV) has taken measures including intervening in the foreign exchange market and tightening liquidity to reduce pressure on the Vietnamese dong exchange rate.
Businesses flexibly navigate exchange rate fluctuations

Businesses flexibly navigate exchange rate fluctuations

VCN - Exchange rate fluctuations increase cost pressures for businesses when importing raw materials as well as for USD-denominated loans. However, some units have found quite effective solutions to mitigate the shock caused by exchange rates.
Strictly control and combat gold smuggling

Strictly control and combat gold smuggling

VCN – The General Department of Vietnam Customs (GDVC) requires local customs departments to strengthen inspection, control and prevention for illegal transportation of gold products across the border, and strictly monitor gold imports and exports of legitimate gold companies.

Latest News

Removing legal hurdles in regular spending for capital assets

Removing legal hurdles in regular spending for capital assets

VCN - Mr. Bui Anh Binh, Deputy Director of the Department of Public Administration (Ministry of Finance) emphasized that the issuance of Decree No. 138/2024/ND-CP has created an important legal corridor, promptly removed obstacles, and created conditions for ministries, branches, and localities to proactively use regular expenditures to carry out tasks and projects outside the approved medium-term public investment plan, and to be proactive in performing assigned tasks.
M&A activities show signs of recovery

M&A activities show signs of recovery

Mergers and acquisitions (M&A) activities in Vietnam have been showing signs of recovery in recent months as several large companies announced finished deals, which may create a ripple effect in the M&A market.
Fiscal policy needs to return to normal state in new period

Fiscal policy needs to return to normal state in new period

VCN - To recover the economy during and after the Covid-19 pandemic, fiscal policy has been flexibly and promptly managed, becoming a solid foundation to help businesses and the economy gradually overcome difficulties. After nearly 5 years, although there are still difficulties, the economy is gradually returning to a high growth trajectory. In that context, it is necessary to let fiscal policy return to normal state.
Ensuring national public debt safety in 2024

Ensuring national public debt safety in 2024

VCN - Since the beginning of the year, public debt management has been conducted proactively and effectively, meeting the need of raising capital for development investment. At the same time, debt indicators by the end of 2024 are guaranteed within the ceiling and safety threshold approved by the National Assembly, ensuring national financial security, increasing proactive response to risks arising from external and internal causes of the economy.

More News

Removing many bottlenecks in regular spending to purchase assets and equipment

Removing many bottlenecks in regular spending to purchase assets and equipment

VCN - Decree No. 138/2024/ND-CP, which has just been issued, is expected to contribute to resolving bottlenecks in allocating funds for purchasing assets and equipment; renovating, upgrading, expanding, and constructing new construction items in projects that have been invested in and constructed in the past.
Continue to handle cross-ownership in banks

Continue to handle cross-ownership in banks

VCN - The situation of excess share ownership, cross-ownership between credit institutions (CIs), CIs and enterprises, although has decreased significantly compared to previous periods, is still complicated and requires continued inspection and control.
Striving for average CPI not to exceed 4%

Striving for average CPI not to exceed 4%

VCN - According to the report of the Ministry of Finance, there are still some factors that put pressure on price levels in the remaining months of 2024, so the Ministry has updated 2 scenarios of average inflation in 2024 increasing in the range of 3.7-3.92%.
Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

VCN - Discussing in groups about the project "1 law amending 7 laws" in the financial sector according to the program of the 8th Session on October 29, 2024, National Assembly delegates proposed that the Government should be assigned to make specific regulations on decentralization, granting the right to exempt and reduce taxes, and handling penalties for late payment of taxes...
Removing difficulties in public investment disbursement

Removing difficulties in public investment disbursement

VCN - According to the report of the Investment Department (Ministry of Finance), the estimated disbursement from the beginning of the year to October 31, 2024 is VND 355,616.1 billion, reaching 47.43% of the 2024 plan, reaching 52.29% of the plan assigned by the Prime Minister.
State-owned commercial banking sector performs optimistic growth, but more capital in need

State-owned commercial banking sector performs optimistic growth, but more capital in need

VCN - According to the report sent to the National Assembly before the 8th Session of the Government on investment, management and use of state capital in enterprises nationwide in 2023, the business performance of the state-owned commercial banking sector achieved positive growth.
Stipulate implementation of centralized bilateral payments of the State Treasury at banks

Stipulate implementation of centralized bilateral payments of the State Treasury at banks

VCN - The Ministry of Finance (MOF) gathers feedback on the draft Circular regulating the management and use of accounts of the State Treasury opened at the State Bank of Vietnam (SBV) and commercial banks.
Rush to finalize draft decree on public asset restructuring

Rush to finalize draft decree on public asset restructuring

VCN - According to the Ministry of Finance, the draft Decree regulating the rearrangement and handling of public assets is being urgently completed by the Ministry of Finance to submit to the Government for promulgation.
Inspection report on gold trading activities being complied: SBV

Inspection report on gold trading activities being complied: SBV

The State Bank of Vietnam (SBV) has announced that inspections on compliance with legal policies in gold trading activities of credit institutions and gold trading businesses have been completed and an inspection report is being compiled.
Read More

Your care

Latest Most read
Removing legal hurdles in regular spending for capital assets

Removing legal hurdles in regular spending for capital assets

Mr. Bui Anh Binh, Deputy Director of the Department of Public Administration (Ministry of Finance) emphasized that the issuance of Decree No. 138/2024/ND-CP has created an important legal corridor
M&A activities show signs of recovery

M&A activities show signs of recovery

Mergers and acquisitions (M&A) activities in Vietnam have been showing signs of recovery in recent months as several large companies announced finished deals, which may create a ripple effect in the M&A market.
Fiscal policy needs to return to normal state in new period

Fiscal policy needs to return to normal state in new period

VCN - To recover the economy during and after the Covid-19 pandemic, fiscal policy has been flexibly and promptly managed, becoming a solid foundation to help businesses and the economy gradually overcome difficulties. After nearly 5 years, although there
Ensuring national public debt safety in 2024

Ensuring national public debt safety in 2024

VCN - Since the beginning of the year, public debt management has been conducted proactively and effectively, meeting the need of raising capital for development investment. At the same time, debt indicators by the end of 2024 are guaranteed within the ce
Removing many bottlenecks in regular spending to purchase assets and equipment

Removing many bottlenecks in regular spending to purchase assets and equipment

Decree No. 138/2024/ND-CP, which has just been issued, is expected to contribute to resolving bottlenecks in allocating funds for purchasing assets and equipment
Mobile Version