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Article NO. Content

Title:

Establishing Information Security Inspection Mechanisms for Securities Firms  CH

Amended Date: 2020.02.10 
Categories: Market Supervision > Regulation of Securities Firms
9     Systems Development and Maintenance (CC-19000, semi-annual audit)
  1. The information security requirements shall be included in the analysis and specifications when an application system is being planned and analyzed.
  2. Whether input s are verified to confirm their accuracy.
  3. Legal copyrighted software shall be used.
  4. Contracts shall be entered into for outsourced work. The terms of contracts entered into for outsourced work shall include an information security agreement and the right to audit the outsourcer's information security.
  5. When a completed program requires maintenance, it must be carried out in accordance with formally approved procedures.
  6. All documents and handbooks shall be properly maintained and controlled.
  7. Specially appointed personnel shall be responsible for maintaining application systems.
  8. Management of changes to application systems:
    1. Files that contain programs, data, and job control commands for formal and test operations shall be stored separately.
    2. When a program is modified, its documentation shall be promptly updated.
  9. The company shall regularly (at least semi-annually) scan its information system for vulnerabilities. When potential vulnerabilities are identified, it is advised to evaluate the associated risks or install software patches and retain a record (applicable to securities firms placing orders online, but not applicable to those doing so via telephone or in the traditional manner).
  10. Source code security regulations (applicable to securities firms placing orders on the Internet, not those placing voicemail or traditional orders):
    1. Malware and other security holes shall be avoided in a program.
    2. A program shall use a comprehensive validation mechanism that is both appropriate and valid to ensure completeness.
    3. A corresponding updated version of a program shall be made available in the event of an update to the library cited.
    4. A program shall conduct security checks and provide a protection mechanism against injection attacks in respect of character strings entered by users.
    5. The provider of a program shall be requested to comply with the security measures in the preceding four paragraphs ((a), (b), (c), (d)) if no source code of the program is available.
  11. Mobile application security control (applicable to securities firms placing orders on the Internet, not those placing voicemail or traditional orders):
    1. Launch of a mobile application:
      1. A mobile application shall be launched in a mobile application store or on a mobile application website with a reliable source. The sensitive information to be accessed, mobile device resources, and proclaimed rights and purposes shall be specified upon said launch.
      2. The name, version and download location of a mobile application shall be provided on the official website.
      3. A fake mobile application detection mechanism shall be in place to protect customers’ rights and interests.
      4. Conformance of authority required for a mobile application to services offered shall be ascertained before launch. The initial launch or a change of authority is subject to consent of the data security and legal compliance units and shall be documented, to facilitate general assessment as to whether the duty to notify under the Personal Data Protection Act is satisfied.
    2. Protection of sensitive information:
      1. When a mobile application transmits and stores sensitive data, a certification, hash or encryption mechanism shall be in place to ensure safe transmission and storage, and the data in shall be appropriately de-identified when in use. Relevant access logs shall be protected to prevent unauthorized access.
      2. A risk alert shall be issued to users if a detection mobile device is allegedly unlocked (such as by rooting, jailbreaking, USB debugging etc.) upon activation of a mobile application.
    3. Mobile application testing:
      1. In respect of mobile applications used by investors, data security testing shall be conducted by a third-person testing laboratory accredited by the Taiwan Accreditation Foundation, and shall be passed, before initial launch and each year. Such testing shall cover items listed in the guidelines for vetting the security of mobile applications published by the Mobile Application Security Alliance, the testing unit commissioned by the Industrial Development Bureau, Ministry of Economic Affairs. If it is necessary to update the launch within a year after laboratory testing is passed, material updates are subject to outsourced or self testing prior to each launch. Material updates refer to functional changes to “trading order,” “account inquiries,” “identification” and “material customer rights and interests.” The testing is based on OWASP Mobile Top 10 and shall be documented.
      2. The company shall have in place a reexamination mechanism with regard to the test reports provided by a third-person testing laboratory, to ensure the testing items and contents are consistent. Such reexaminations shall be documented.

Interpretation: