'Financial Sector and Public Financial Institutions Incident Response Preparedness Meeting' Held
The financial authorities will begin inspections of all financial institutions starting in September to prevent a recurrence of the ransomware incident that occurred at SGI Seoul Guarantee on July 14.
On July 30, the Financial Services Commission announced that it held a 'Financial Sector and Public Financial Institutions Incident Response Preparedness Meeting' to discuss these measures. This meeting was convened to review the preparedness of the financial sector and public financial institutions against ransomware and other security incidents, to listen to feedback from the field, and to discuss ways to prevent such incidents.
The Financial Services Commission and the Financial Supervisory Service decided at the meeting to implement follow-up measures at the government level to strengthen security across the financial sector and prevent the recurrence of security incidents.
First, all public financial institutions, financial companies, and electronic financial service providers will be required to conduct self-inspections of their preparedness against ransomware and other security incidents.
In July, self-inspection checklists will be distributed to each financial company and public financial institution, requiring them to complete self-inspections and make improvements by August. The results of these inspections will be collected and analyzed, and guidance and support will be provided to financial companies to strengthen their security measures if necessary.
Based on the results of these self-inspections, the Financial Supervisory Service will directly inspect financial companies starting in September. In particular, the inspections will focus on the response systems for ransomware, which has seen a recent increase in incidents, as well as the status of backup systems for recovery in the event of IT failures, to ensure that institutions are prepared for similar incidents.
Starting in September, the Financial Supervisory Service and the Financial Security Institute will jointly conduct blind penetration tests across the entire financial sector. Through these penetration tests, they will assess whether each financial company's defenses against hacking are functioning properly and identify areas for improvement, thereby supporting financial companies in strengthening their security posture.
In addition to these short-term security measures, the authorities will also consider institutional improvements to encourage financial companies to proactively strengthen their security capabilities and establish robust incident response systems.
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