Financial Security Institute "2021, Financial Industry Opening and Intensified Competition"

2021 Digital Finance and Cybersecurity Issue Outlook

[Asia Economy Reporter Park Sunmi] ▲Untact era, accelerating non-face-to-face finance ▲The advent of the remote work era, essential cybersecurity ▲Cyber space threats, increase in ransomware and ransom DDoS attacks were forecasted as the top 10 digital finance and cybersecurity issues for 2021.

The Financial Security Institute announced on the 17th the 2021 digital finance and cybersecurity issue outlook, containing these contents so that the financial sector can proactively identify digital finance and cybersecurity issues and respond in a timely manner.

First, it predicted the opening and intensification of competition in the financial industry. With the full-scale implementation of the MyData industry and the expansion of payment network openness, the players in the financial industry are expected to diversify, and a reorganization of the digital finance order where collaboration and competition coexist is anticipated. Also, due to the prolonged COVID-19 pandemic, non-face-to-face financial services are expected to expand further, accelerating the transition to a 'wallet-less society' following the popularization of simple payments. Remotework or video conferencing is expected to establish itself as part of the corporate culture in the financial sector rather than a temporary trend.

Furthermore, ransomware and ransom DDoS attacks, which were active against the financial sector this year, are expected to continue next year. In particular, the use of ransomware-as-a-service that produces and sells ransomware, and the increased distribution of IoT devices that can be exploited for ransom DDoS attacks, are expected to increase the risk and impact of attacks.

Regarding the 2021 digital finance and cybersecurity issues, the Financial Security Institute plans to proactively respond to various risks and cybersecurity threats arising from digital and data innovation in finance. It will support safe data distribution and utilization by enhancing the functions of the Financial Data Exchange and data specialized institutions, establishing a MyData testbed, and operating a continuous information protection evaluation system, and plans to strengthen financial security in response to changes in the financial industry and market, including preparing security guidelines related to non-face-to-face services.

Kim Young-gi, President of the Financial Security Institute, said, "In 2021, due to the opening and intensification of competition in the financial industry, changes in services and work environments due to non-face-to-face interactions, and the sophistication and intelligence of cyberattacks, digital and data innovation in the financial sector will proceed faster than ever, and accordingly, the importance of financial security will be further emphasized," and added, "The Financial Security Institute will faithfully perform its role as a financial security and data specialized institution for the successful digital and data innovation of finance."

This content was produced with the assistance of AI translation services.