KOSCOM Designated as the First 'MyData Intermediary Institution'

[Financial News] KOSCOM announced on the 29th that it has been designated as a 'MyData Intermediary Institution' by the Personal Information Protection Commission (hereinafter referred to as the Personal Information Committee).
An intermediary institution is an organization designated under personal information protection laws that provides necessary functions for personal information mediation and is responsible for related technology and standardization, positioned between data transmitters who must transfer data upon the request of the data subject and MyData service providers.
Prior to the designation, KOSCOM underwent document and on-site inspections, as well as a comprehensive review for about one month to verify the protection system, expertise, facilities, and technology required as an intermediary institution. On the 7th of this month, an agreement on 'MyData Intermediary Business' was signed with the Personal Information Committee to promote MyData activation. In the future, KOSCOM plans to provide a safe and efficient personal information transmission system starting with the telecommunications sector by utilizing its experience in intermediary business in the financial sector and its self-developed cloud-based intermediary system.
Additionally, to promote the MyData and AI industries, it plans to strengthen education, consulting, and cooperative projects for startups in the MyData service sector and small and medium-sized enterprises wishing to engage in related infrastructure businesses.
Shin Kyungho, Executive Director of KOSCOM's Data Business Division, said, "As MyData expands to all fields, we are facing a transition from a service that allows convenient integrated viewing of personal information to an AI-based hyper-personalized service," and added, "Accordingly, the intermediary institution will also strive to fulfill its role as a creator of an innovative ecosystem in the data industry, beyond being a simple intermediary."  hippo@fnnews.com Kim Chanmi Reporter