'Emergency Martial Law Situation' Financial Authorities Request Strengthening of Financial IT 'Emergency Response System'

On the 4th, the Financial Services Commission announced that it has distributed an official letter titled 'Request for Cooperation to Strengthen Emergency Response System in the Financial IT Sector' to the Financial Supervisory Service and the Financial Security Institute.

Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance (left), Lee Chang-yong, Governor of the Bank of Korea (right), and Kim Byung-hwan, Chairman of the Financial Services Commission (center), are leaving the meeting room with serious expressions after a closed-door emergency macroeconomic and financial issues meeting held on the 4th at the Korea Federation of Banks in Jung-gu, Seoul. Photo by Jo Yong-jun

This is an additional measure following Financial Services Commission Chairman Kim Byung-hwan's order to strengthen preparedness against security incidents in the financial sector amid increased uncertainty in the financial market caused by President Yoon Seok-yeol's declaration of martial law.

Earlier, at the financial situation inspection meeting on the same day, Chairman Kim urged, "In a situation where financial market volatility is high, even small accidents or incidents can amplify market anxiety, so please check the internal control systems to prevent any security incidents such as various financial accidents, hacking, or information leaks."

He continued, "I ask the Financial Security Institute to conduct a comprehensive inspection of the IT security systems across all financial sectors to ensure there are no security blind spots in the financial systems."