A. M. The Technology, Tourism and Investment Commission of the Legislative Assembly issued a favorable opinion to reform the Law for the Regulation of Information Services on the Credit History of Individuals. The measure will allow data information agencies to store credit histories in the cloud, to guarantee their backup and continuity.
The government sent the initiative with the argument that it seeks to comply with international standards of security and data management. According to the Banco Central de Reserva (BCR), the only power that the entities will have will be to upload the information to the cloud, without modifying records or using them for other purposes.
The opinion read in the committee highlights that credit history is key to evaluate a person’s financial responsibility in loans, credit cards and other financial commitments. Its backup in the cloud will guarantee data availability and prevent losses in case of technical failures or disasters affecting physical servers.
Authorities of the BCR and the Superintendencia del Sistema Financiero (SSF) assured that the contracting of the cloud service must comply with strict cybersecurity and confidentiality protocols. The deputy superintendent, Daysi Mineros, suggested that users must be informed in a transparent manner about how their information will be safeguarded.
The opinion must now go to the legislative plenary for final approval. If implemented, this reform would provide greater security to the credit history of Salvadorans and facilitate the management of financial information without risk of loss.
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