Securities and fund management companies must ensure information security — Illustration image

The State Securities Commission of Vietnam (SSC) has mandated that securities and fund management companies conduct security checks and assessments for their information systems. The requirement aims to ensure the security and safety of the trading system.

SSC has also requested securities companies and fund managers to devise plans for effectively addressing safety and security incidents and urgent situations related to the online securities trading system. Additionally, the organisation undertakes initiatives to promote and disseminate information, aiming to enhance awareness of information security among its officers and employees.

Prime Minister Phạm Minh Chính signed Official Dispatch No 33/CĐ-TTg on April 7, 2024, requesting ministries, branches, and localities to strengthen cyber information security. Previously, the PM also issued many documents directing ministries, branches, and localities to strengthen cyber information security assurance.

Ngô Tuấn Anh, General Director of SCS Cyber Security Company and Vice Chairman of Vietnam Information Security Association, said: “According to the Government's guidelines, it is necessary to use 10 per cent of technology system investment for safety and security, but the actual implementation is not really enough. Much depends on the investor and the perception of the head about safety and security.”

In March 2024, a securities company experienced a security breach in its information technology system, leading to a temporary shutdown of the company's securities trading system. SSC requires that the company must adhere to Clause 10, Article 89 of the 2019 Securities Law, which requires the company to ensure the secure and uninterrupted operation of its information technology systems and backup databases.

Faced with the recent sharp increase in cyberattacks, especially ransomware, the Prime Minister has requested the implementation of a number of urgent tasks, assigning specific tasks to relevant ministries, industries, and organizations to increase proactiveness and effectively respond to attacks. — VNS