The Financial Services Commission announced that a larger-scale data leak had been confirmed at Lotte Card than initially reported, and stated that it would strengthen its oversight. The commission also plans to introduce comprehensive measures to enhance the security capabilities of financial institutions.
On September 19, Kwon Daeyoung, Vice Chairman of the Financial Services Commission, said at a joint briefing with the Ministry of Science and ICT held at the Government Complex Seoul in Jongno-gu, Seoul, "During the investigation into Lotte Card, it was found that the scale of the leak is larger than what was originally reported," adding, "We will closely monitor and supervise Lotte Card to ensure that consumer protection measures are carried out without fail."
Vice Chairman Kwon stated, "Depending on the results of the investigation, if any violations are identified, we will impose strict sanctions as a stern warning," and explained, "We take incidents such as hacking and other security breaches in the financial sector extremely seriously."
He pointed out, "While hacking techniques and methods are rapidly evolving due to advances in IT, the financial sector's response has not kept pace," and added, "It is time to critically reflect on whether the financial industry has regarded security investment as an unnecessary cost or a secondary task."
He continued, "In light of the recent series of incidents, we will immediately begin an intensive inspection of security practices and fundamental institutional reforms to prevent recurrence," emphasizing, "Under the responsibility of each financial company's CEO, we will urgently inspect all computer systems and information security frameworks, and will thoroughly guide and supervise the results through the Financial Supervisory Service and the Financial Security Institute."
Vice Chairman Kwon mentioned, "We will swiftly pursue measures such as the introduction of punitive fines so that there is strict accountability commensurate with the social impact when security incidents occur," and added, "We will also seek to strengthen the authority of the Chief Information Security Officer (CISO) and enhance consumer disclosures so that financial institutions are constantly attentive to security management."
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