Announcement of Amendments to the Electronic Financial Supervision Regulations and Step-by-Step Financial Security Advancement Plan
Meeting Held with Related Organizations and Industry at the Financial Security Institute
On-Site Inspection of Integrated Security Control System and More
Kim So-young, Vice Chairman of the Financial Services Commission, is giving a briefing on "Improvement Measures for Banking Sector Management, Business Practices, and Systems" at the Government Seoul Office in Jongno-gu, Seoul, on the 3rd. Photo by Yoon Dong-joo doso7@
Kim So-young, Vice Chairman of the Financial Services Commission, announced the amendment to the Electronic Financial Supervision Regulations aimed at improving financial security regulations based on principles, along with a phased plan for advancing financial security, and held a meeting attended by related organizations and industry representatives.
The meeting, held on the 1st at the Financial Security Institute, was organized to share the amendment and implementation plans currently being promoted as part of financial security advancement with the industry and to listen to the future financial security-related plans of each financial sector.
The amendment includes ▲improving financial security regulations based on principles (reducing compliance items from 293 to 166) ▲strengthening financial IT system resilience such as expanding disaster recovery centers. Based on the amendment, the Financial Services Commission has set a plan to ▲(Phase 1) reorganize security regulations centered on principles ▲(Phase 2) strengthen post-responsibility through legal amendments ▲(Phase 3) shift the security paradigm to focus on establishing and implementing autonomous security.
In his opening remarks, Vice Chairman Kim emphasized, "In the rapidly progressing digital transformation with cloud and artificial intelligence (AI) and the evolution of cyber threats, an advanced financial security system is necessary to provide trusted financial services to the public," adding, "Policy focus should be placed on enhancing the flexibility of financial security and strengthening resilience (Cyber Resilience)."
Financial companies attending the meeting agreed that security has emerged as a major risk affecting overall company operations and reputation in the digital era, and shared their preparation plans for autonomous security and strengthening cyber resilience for financial security advancement. They also requested active government support to ensure a stable transition from the previously regulation-centered environment to an autonomous security system.
Vice Chairman Kim expressed hope that this regulatory amendment will serve as an opportunity for financial companies to move away from the passive perception of "exemption if only regulations are followed" and recognize financial security as a core value to be complied with at the enterprise level, actively establishing autonomous security systems.
He particularly stated, "Starting with this revision of the supervision regulations, we plan to work towards a paradigm shift in financial security to autonomous security through amendments to the Electronic Financial Transactions Act to strengthen autonomous security accountability," and urged, "Financial companies should also strive proactively and preemptively to build a safe financial environment in response to evolving threats."
The Financial Services Commission announced the amendment to the Electronic Financial Supervision Regulations from the 1st until March 12, and plans to implement it from the date of announcement after procedures such as the Commission’s resolution.
Meanwhile, ahead of the Lunar New Year holiday, Vice Chairman Kim inspected the integrated security control system facilities of the Financial Security Institute, an Information Sharing and Analysis Center (ISAC) in the financial sector, and checked the cyber security response posture of the financial industry. He urged special attention to security during the holiday period and ordered to establish a thorough preparedness system to cooperate immediately with financial authorities and related organizations in case of emergencies such as cyber attacks to prevent damage to financial consumers.
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