OREANDA-NEWS. January 15, 2015. According to the First China Cybersecurity Week held in Beijing, in recent years, ICBC has adhered to independent innovation, safeguarded secure and stable running of its information system and ensured financial security by building controllable and complete technology and management system.

An executive with ICBC said that information technology (IT) is the core competitiveness for modern commercial banks and also a foundation for product innovation and financial service security. ICBC has always stuck to independent R&D and using independent and controllable technologies to actively promote transformation of technological fruits to innovative financial products, and formed domestically leading and internationally first-class IT strength, laying a solid foundation for secure and efficient operation of its financial service.

In promoting IT application, ICBC has adhered to independent R&D and maintenances of core and key information system, taken the lead in building and completing the framework of “three centers in two areas”, and independently developed and put into place the fourth generation core banking system and a core banking system for overseas institutions(FOVA) as well as the management accounting system (MOVA). Meanwhile, the Bank has actively used domestic mature products and open source system to enhance the comprehensive protection level of information security. ICBC has also built joint laboratories with domestically leading IT enterprises, participated in piloting projects of independent and controllable technologies, including “verification and application demonstration of quantum communication technology” and actively promoted application of these technologies in the financial field.

In e-banking sector, the Bank has adhered to the notion of “secure, efficient and convenient” development to design and develop products, and adopted risk control measures like full-process control to enhance the security. Specifically, the Bank was the first in the industry to offer the solution of the USBKey security certification. So far, it has launched three identity authentication tools to meet demands of different customers and transaction scenarios. Meanwhile, ICBC has also adopted methods such as anti-finishing controls, reserved verification information, and picture verification code to prevent lawbreakers from defrauding customers, and offered multiple services, including balance change prompt and logging prompt to facilitate customers to learn about fund movement and e-banking operation so as to prevent transaction risks. ICBC is also the first in China’s financial sector to adopt home-made password algorithm to finish transformation of in-house electronic authentication system for Internet banking, which has further enhanced security of authentication system of Internet banking customers.

In the field of bank cards, ICBC has actively boosted the application of multiple safety technologies such as chip cards, high-strength encryption algorithm, and password authentication to ensure safety of customer transactions. As early as 2007, ICBC independently developed a bank card system to provide products and services suitable for Chinese customers. Since this year, the Bank has used big data analysis tool to inform possible risks for customers' card swiping consumption. In terms of the promotion of chip cards, the Bank has accumulatively issued more than 190 million chip cards so far. In order to enhance security of Internet transactions and information of chip cards, the Bank has taken the lead to cooperate with the Ministry of Public Security to issue and promote chip cards with functions of eID (network citizen ID). To date, it has issued nearly 6 million such chip cards.