Dynamic Data Security: Unlocking Data Value and Protecting Privacy in Banking

Preface: ICBC Chief Technology Officer Lv Zhongtao recently stated that data, as a key production factor, its core value lies in its usage, and dynamic data security and personal information protection should be implemented during data flow.

ICBC CTO Lv Zhongtao emphasized that data’s core value is realized during use, and that dynamic data security and personal information protection must be applied throughout data flow. While fully ensuring security, all parties should collaborate to leverage data to support the healthy development of the digital economy.

1. Cross‑institution cooperation – Large financial institutions should pilot the marketization of data factors in the financial sector, exploring pricing, operation, and risk‑control mechanisms, and fully utilizing new technologies such as privacy computing to promote data sharing across institutions, addressing data silos and monopolies.

2. Secure and compliant public data use – Accelerate the establishment of a standardized data trading market, using a negative‑list system as a principle for data transactions; data related to national security, economic security, social stability, and public health should be prohibited from trading or only traded by designated entities, thereby ensuring secure and compliant public data usage.

3. Cross‑border data flow mechanisms – With increasing national data‑sovereignty awareness, cross‑border data flow is inevitable under an open dual‑circulation economy. It is recommended to explore bilateral cooperation mechanisms within existing legal frameworks to guarantee secure, orderly, and controllable data flow, better serving the dual‑circulation development model.

Author: Lv Zhongtao