The State Securities Commission requires cleaning and standardizing securities investor data before August 31, 2024

As of August 2024, more than 6,200 cyberattacks have been recorded in Vietnam. Some have caused significant damage to the stock market's operations as well as investors' interests. The State Securities Commission (SSC) has issued an official dispatch requesting securities organizations to promptly cleanse and standardize investor data.

In response to the increasingly complex market landscape, the State Securities Commission (SSC) issued Official Dispatch No. 4501/UBCK-CNTT regarding the review, verification, standardization, and cleansing of data for individual investors and those granted securities practice certificates. This initiative aims to enhance market transparency and ensure safety and efficiency in securities activities. It is also a critical directive to proactively prevent cyberattacks on the stock market. Results must be reported to the SSC by August 31, 2024.

The process of data cleansing and standardization for investors as directed by the SSC includes:

• Contacting and requesting individual investors to verify their identity and update information according to their Citizen Identification Card (CCCD).

• Checking and cross-referencing the CCCD information of individual investors with the Ministry of Public Security’s database using technological solutions to ensure accuracy.

For cases where investors do not respond by August 31, 2024, securities organizations and companies must continue to implement the directive and complete reporting to the SSC by September 30, 2024.

Cleansing and standardizing investor data is a crucial and inevitable task

Financial and securities companies in Vietnam have been experiencing intense cyberattacks. This situation has led to serious operational disruptions, affecting transactions and investors' rights. Common types of cyberattacks in Vietnam include data encryption, malware infection, phishing, and website defacement.

Recently, cyberattacks targeting major companies like VnDirect have served as a wake-up call to the increasingly complex situation. The rise in cybersecurity threats highlights the critical importance of cleansing the stock market.

GMO-Z.com RUNSYSTEM provides a solution package in compliance with Official Dispatch No. 4501/UBCK-CNTT

GMO-Z.com RUNSYSTEM, in collaboration with GMO-GTel CTS (Global Telecom Service Center), one of 12 partner units of C06 – Ministry of Public Security, offers the SmartKYC.eID solution. This solution has been successfully deployed for multiple BFSI organizations, ensuring both legal compliance and implementation experience.

For detailed consultation on services and solutions, please contact Hotline: 097 583 0096 or Email: ssolutions@runsystem.net  | Website: https://ssolutions.vn