Bank Secrecy and Employment of Data Security Outsourcing

The author explores the legal aspects of the preservation of the bank secrecy regime in the provision of outsourcing services for data security. The article concludes that the information pertaining to banking secrecy, may be transferred to a third party, including the party that provides outsourcing services for information security, provided that the credit institution maintains control over the relevant provider's infrastructure and the provider of outsourcing services lacks possibility of access the relevant information. The author analyzes the norms of the Russian laws on banking and commercial secrecy, i.e. on banks and banking activities, on the national payment system, on commercial secrets, etc., and also provisions of the Standard of the Bank of Russia STO BR IBBS-1.4-2018, and focuses on managing risks to data security when outsourcing. During the research it is established that the Standard STO BR IBBS-1.4-2018 de facto allows you to outsource data relating to bank secrecy to service providers (i.e. third parties), which contradicts the current legislation. To address inconsistencies in Russian laws it is necessary to make appropriate changes.

bank secrecy, trade secrets, confidential information, outsourcing, ITsecurity, service provider, location, personal data, database, credit institution, financial institution, payment system

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