Redefining Three Core Roles and Ten Key Tasks
Developing Verification Indicators for Generative AI Model Performance
Promoting Membership for Virtual Asset Service Providers
Expanding Security Monitoring to Overseas Branches of Financial Institutions
Sangwon Park, President of the Financial Security Institute, expressed his ambition to lead digital innovation in the financial sector through security as the institute marks its 10th anniversary.
Sangwon Park, President of the Financial Security Institute, is delivering the keynote speech at the 10th anniversary seminar held on the 23rd at the Financial Investment Center in Yeouido, Seoul. Photo by Hyemin Kim.
On the 23rd, at the Financial Investment Center in Yeouido, Seoul, President Park held the 10th anniversary seminar and stated, "The organization, which started with about 150 members, has grown into a team of over 300 in 10 years and has established itself as a gatekeeper protecting the domestic financial system." He emphasized, "We will take the lead so that we can actively fulfill our role as a guide for financial security in the era of new-normal digital finance."
During his keynote speech, President Park unveiled three core roles and ten detailed tasks for the future, redefining the role of the Financial Security Institute.
First, he emphasized the goal of driving digital innovation through security. He said, "The financial sector has entered the era of AI transformation," and added, "As an AI security-specialized institution, we will support financial companies so they can safely utilize AI." Specifically, he announced that experts will assess the security of financial companies' AI models through simulated hacking and that the institute will develop and provide indicators to verify the information protection performance of generative AI models.
The institute also plans to promote membership for virtual asset service providers in connection with their entry into the financial regulatory system. Through this, it aims to provide security services, such as security monitoring, at the same level as those offered to financial institutions.
President Park also announced plans to lead the 'next level' of security. To strengthen response capabilities against increasingly complex and diverse cyber threats, the scope of security monitoring will be expanded from focusing on domestic financial institutions to include overseas branches and third parties. In addition, as financial security is shifting from a regulation-centered approach to one focused on autonomous security and outcome responsibility for financial companies, the institute will support a stable transition by developing relevant frameworks.
Furthermore, he presented a plan to foster AI experts among 10% of all employees through in-house education and academic training. At the same time, the institute will work to strengthen its organization by introducing more flexible work arrangements and a performance-oriented system.
Meanwhile, at the seminar, Yeonju Baek, a researcher at the Korea Institute of Finance, gave a presentation on "Directions for Safer Digital Finance." The subsequent panel discussion was attended by Junho Yoon, Chief Information Officer (CIO) of Shinhan Bank; Kyungpyo Min, Chief Information Security Officer (CISO) of KakaoBank; Hyunjung Kang, attorney at Kim & Chang; Hyungwoo Kang, professor at Korea University; and Myungkeun Yoon, professor at Kookmin University.
The panelists agreed that, in order to achieve both financial innovation and financial security in a rapidly changing digital environment, there needs to be a shift from regulation-centered to principle-based regulation, and that responsibility and autonomy for financial institutions must go hand in hand.
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