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Vietnam’s Compliance Monitoring Solutions Crucial in Addressing Data Security Challenges

Hanoi, April 1, 2024 - As cyberattacks continue to plague Vietnam, organizations are under increasing pressure to ensure compliance with data protection laws and network information security regulations. According to recent statistics, over 13,900 cyberattacks were reported nationwide, with encryption ransomware attacks targeting computers and servers in the country.

Vietnamese Government’s Measures

The Vietnamese government has taken steps to address these concerns by implementing Decree No. 13/2023/ND-CP, which outlines personal data protection measures for entities processing personal data. The decree requires organizations to:

  • Implement managerial and technical protective measures
  • Report any violations of personal data protection laws within 72 hours
  • Establish administrative penalties for non-compliance

In addition to Decree 13, Vietnam has also enacted the Law on Network Information Security in 2015, which outlines principles for securing information systems within the country. The law emphasizes:

  • Creating and updating information security policies
  • Forming specialized security teams
  • Securing human resources
  • Implementing technical guidelines such as:
    • Secure network zones
    • Remote management practices
    • Access control
    • Intrusion prevention
    • Malware defenses

Industry-Specific Regulations

Industry-specific regulations are also in place to ensure network information security. For example:

  • Circular 121/2020/TT-BTC stipulates strict regulations for the securities sector
  • Circular 09/2020/TT-NHNN provides a comprehensive framework for safeguarding IT assets in the banking sector

Mitigating Non-Compliance Risk

To mitigate the risk of non-compliance, organizations must become familiar with and adhere to these regulations. KPMG’s compliance monitoring solutions can help businesses navigate these complex requirements by:

  • Developing compliance programs
  • Conducting risk assessments
  • Providing training on compliance best practices

Quote from KPMG Partner

“Compliance is a critical component of data security,” said [Name], Partner at KPMG Vietnam. “Our team stays up-to-date with the latest legal requirements to ensure that our clients are well-informed and prepared to meet compliance obligations. We offer a one-stop solution to help businesses navigate the ever-changing legal landscape.”

Conclusion

With the Vietnamese government committed to protecting personal information, enforcing Decree 13 will result in severe penalties if data breaches occur. Organizations must take proactive steps to ensure compliance with data protection laws and network information security regulations to avoid legal repercussions.

For more information on KPMG’s compliance monitoring solutions, please contact [Name] at [Email address].