Financial Services Commission Convenes Security Officers Across Financial Sector to Discuss Hacking Response

Meeting Presided Over by Vice Chairman Kwon Daeyoung
"Both the Government and Financial Institutions Must Reflect"
Urges Strengthening of Security Capabilities Under Top Management Responsibility

The financial authorities convened security officers from the financial sector to heighten awareness of cyber threats and called for a company-wide strengthening of financial security capabilities.

On the morning of the 23rd, the Financial Services Commission held an 'Emergency Incident Response Meeting' at the main auditorium of the KB Kookmin Bank New Building in Yeouido, Seoul, presided over by Vice Chairman Kwon Daeyoung, with approximately 180 Chief Information Security Officers (CISOs) from financial institutions in attendance.

Vice Chairman Kwon pointed out that it is time for both the government and financial institutions to reflect on whether security has been regarded merely as a nuisance or a secondary task. He urged that under the responsibility of top management, financial institutions must secure financial security capabilities and operational resilience.

He further emphasized that financial institutions should establish and operate systematic security systems, stating, "If a security breach occurs due to negligence by a financial company, such as improper operation of security systems, there will be a thorough investigation and strict sanctions."

Kwon Daeyoung, Vice Chairman of the Financial Services Commission, held an emergency meeting on the morning of the 23rd at the KB Kookmin Bank New Building in Yeouido, Seoul, with former Chief Information Security Officers (CISOs) from the entire financial sector. They discussed response measures to strengthen financial security capabilities at the organizational level, maintaining the highest level of vigilance against recent cyber threats targeting the financial sector. Financial Services Commission

He also called for the establishment of an immediate response process in the event of consumer damage. He added, "It is essential to ensure effectiveness through practical recovery drills," and "the consumer protection response manual should be enhanced so that, in the event of consumer damage caused by service disruptions or information leaks, customers can be promptly informed and provided with remedies."

The Financial Services Commission and the Financial Supervisory Service demanded that the entire financial sector maintain the highest level of vigilance and, under the responsibility of CEOs, immediately conduct a comprehensive review of their information security systems and promptly address any deficiencies.

In addition, they plan to focus on preventing and containing security breaches and strengthening overall security capabilities in the financial sector by rapidly disseminating security advisories and conducting timely inspections. At the same time, they will swiftly pursue comprehensive institutional improvements, including the introduction of punitive fines, public disclosure of security level comparisons, and strengthening the authority of CISOs, to fundamentally reform the financial security system.

Meanwhile, the Financial Services Commission commented on Lotte Card, which experienced a large-scale personal information leak due to hacking, stating, "We ask that the highest priority be placed on consumer relief and resolving inconveniences, and that the company devote all its resources to ensuring that customers can easily receive support for card reissuance and cancellation."