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Taiwan's financial regulator pushes for tighter information security

Taiwan's Financial Security Commission wants financial firmsto enhance information security in wake of a cyberattack on First Commercial Bank Co. Ltd.'s ATM , The China Post reported July 22, citing Vice Chairman KueiHsien-nung.

The commission will set up a knowledge exchange platformwhere members can discuss potential threats and share their experiences oninformation security. The platform will be funded by the government but will beoperated by private entities, Kuei said.

Banks have also been advised to enhance the standard oftheir financial security and to upgrade their software and hardware, amongother things. Financial firms that encounter security breaches will have toface higher premiums from the Central Deposit Security Corp. as a way toencourage them to boost security.

Meanwhile, Taiwan plans to implement a "regulatorysandbox" for fintech companies. The program will allow companies to testproducts without the typical regulatory consequences.

FSC Chairman Tseng Ming-chung has also proposed amendmentsto the island's financial laws in order to test out the sandbox. The governmentalso aims to review local laws to help in the development of fintech.

As of July 21, US$1was equivalent to NT$31.99.