Lee Bok-hyun, Financial Supervisory Service Chief: "Financial Sector CEOs Must Pay More Attention to Security"

On the 15th, the Financial Security Institute to Host the 'Financial Information Protection Conference'

At the 'Financial Information Protection Conference' held by the Financial Security Institute on the 15th at the Conrad Hotel in Yeongdeungpo-gu, Seoul, officials are taking a commemorative photo. (From the fourth person on the left in the front row: Kwon Dae-young, Standing Commissioner of the Financial Services Commission; Kim Cheol-woong, President of the Financial Security Institute; Baek Hye-ryun, Chairperson of the Political Affairs Committee; Lee Bok-hyun, Governor of the Financial Supervisory Service, etc.)

[Asia Economy Reporter Song Seung-seop] Lee Bok-hyun, Governor of the Financial Supervisory Service (FSS), urged financial companies' management to pay more attention to security.

On the 15th, at the ‘Financial Information Protection Conference’ held at the Conrad Hotel in Yeongdeungpo-gu, Seoul, Governor Lee stated in his congratulatory speech that "management, including Chief Information Security Officers (CISO), need to have the capability to conduct their own information security assessments and improve vulnerabilities," adding, "To achieve this, sufficient investment should be made to secure IT and security personnel and to advance information security systems."

Kim Cheol-woong, President of the Financial Security Institute, who gave the opening remarks, also emphasized, "Building cyber security governance centered on top management is the most urgent task," and added, "Management must identify risks in the digital ecosystem surrounding financial companies, measure risk levels, and organize strategic response systems themselves." He further stated, "Even in the face of cyber threats or security incidents, financial companies must secure public trust by quickly restoring core services and functions."

These remarks are interpreted as a directive to prevent further financial accidents and system failures that have recently surfaced. According to data submitted to Rep. Yoon Chang-hyun of the People Power Party by the FSS, there were 159 system failures in the financial sector as of August this year. The total was 198 in 2020 and increased to 228 last year, showing a rising trend. The estimated damage from system failures over the past four years amounts to 34.64137 billion KRW. At the parliamentary audit committee meeting held last month, members repeatedly criticized these issues.

Governor Lee continued, "Service interruptions caused by unexpected disasters and accidents are also emerging as significant risk factors," and explained, "We will enhance the effectiveness of emergency plans by upgrading mock training scenarios together with financial companies to ensure that business continuity plans (BCP) can function properly even during system failures and disaster situations." In the financial sector, concerns were raised about similar damage occurring after the Kakao Group experienced a blackout due to a fire at the SK C&C data center in Pangyo last month.

Governor Lee emphasized, "The FSS will work with the Financial Security Institute and financial companies to continuously improve the Fraud Detection System (FDS) to minimize financial consumers' damage caused by illegal transactions such as voice phishing."

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