Protection of personal data in the banking sector- Legal frameworks of selected countries and recommendations for improving Vietnamese law

Abstract

The protection of personal data in the banking sector has become a critical issue in the context of digitalization and increasing cybersecurity risks. Many countries have established strict legal frameworks to safeguard customer information, ensuring transparency and security in financial activities. Using a synthesis of legal documents and an analytical approach, this paper examines the legal framework for personal data protection in the banking sector in the United States, the European Union (EU), and Japan, drawing relevant lessons for Vietnam. Based on this analysis, the paper proposes several solutions to improve Vietnam’s legal framework for personal data protection in banking, including standardizing key concepts, reviewing and harmonizing relevant legal documents to ensure consistency, and enhancing the responsibilities of state regulatory agencies. Developing a comprehensive legal framework will not only strengthen data security but also establish a solid foundation for the sustainable growth of the financial and banking sector in Vietnam.