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Robust financial cybersecurity key to financial stability and economic security

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Premier Su Tseng-chang said on Thursday that just as the stable development of financial markets is of vital importance to Taiwan's economic development and continued ability to attract investment, national economic security depends even more so on the robust operation of the financial system. The Financial Supervisory Commission (FSC) and other responsible agencies were directed to quickly establish necessary mechanisms. The premier said that no time must be lost in adding rules and regulations for the cybersecurity of innovative financial technologies and creating a response system for financial cybersecurity incidents in order to ensure lasting order and stability.

Premier Su's remarks came at the weekly meeting of the Cabinet after a briefing by the FSC on the commission's action plan for finance industry cybersecurity.

The financial industry makes extensive use of information technology, with rapid change sweeping both operational models and the full range of financial services as the digital age advances, the premier emphasized. The government is responding to these trends with updates to existing law. Such changes include the Executive Yuan's July 30 approval of amendments to the Act Governing Electronic Payment Institutions, which aim to improve the convenience of electronic fund transfers for the public by allowing the transfer of funds among electronic payment institutions.

Cybersecurity is the foundation of fintech innovation, said Premier Su. While creating a safe, convenient and diverse financial services environment for consumers, the government must at the same time exercise additional prudence to guard the integrity of financial data and information.

According to the FSC, the financial cybersecurity action plan sets out four overarching strategies (strengthening cybersecurity supervision, enhancing information security governance, increasing the resilience of financial systems, and promoting cybersecurity defense alliances), five implementation methods (public-private collaboration, customized management solutions, resource sharing, stimulus incentives and international cooperation) and 36 measures. These efforts will enhance financial institutions' cybersecurity defense capabilities and build a safe financial services environment as the basis for the continued development of innovative financial technologies.

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