FSS Holds Meeting with Financial Sector CISOs, Urges Vigilance Against Hacking

"Need to Strengthen Response to Cyber Threats
Such as SK Telecom Hacking Incident"

The Financial Supervisory Service announced on May 15 that it held a meeting of Chief Information Security Officers (CISOs) from major financial sectors at its headquarters in Yeouido, Seoul, presided over by Senior Deputy Governor Lee Sehoon.

Recently, the financial sector has experienced a series of security incidents, such as personal information leaks and malware infections. There are also growing concerns about secondary damages, including fraudulent transactions resulting from the SK Telecom hacking incident. The Financial Supervisory Service explained that it convened this meeting because security threats are becoming increasingly complex and diverse, especially as the use of cloud services and external connectivity expand the attack surface.

Senior Deputy Governor Lee Sehoon emphasized, "Security incidents can directly lead to significant damage to companies, and the ultimate responsibility lies with management," adding, "It is essential to pay special attention to establishing robust security systems to prepare for cyber threats."

He further stated, "CISOs should actively support the effective exercise of security leadership by top management, such as faithfully reporting important matters to the board of directors."

Lee Sehoon also said, "As financial companies expand their business scope and operations, it is necessary to ensure that internal IT security capabilities are developed to a commensurate level. Companies that focus solely on business expansion without strengthening basic security capabilities should be aware that there will inevitably be restrictions on the scope and scale of business they can conduct."

He continued, "It is necessary to maintain heightened vigilance and pay special attention to security and safety, especially in light of the possibility of cyberattacks exploiting political events such as the presidential election."

The Financial Supervisory Service stated that it will continue intensive monitoring, centered on its currently operating emergency response headquarters, to prevent secondary damages to financial consumers resulting from the SK Telecom hacking incident. It also announced plans to establish an integrated monitoring system with related organizations to respond swiftly to cyber security threats.