Financial Supervisory Service Conducts Joint Disaster Recovery Transition Drill to Enhance IT Safety of Financial Companies

Lee Bok-hyun, Financial Supervisory Service Governor, Visits Joint Training Site

On the 14th, the Financial Supervisory Service announced that it will conduct a joint disaster recovery switch training for the financial sector to prevent the suspension of financial services caused by major IT system failures.

This year, the training will be held over two days from the 14th to the 15th, with participation from six related organizations including the Korea Financial Telecommunications & Clearings Institute, and 66 financial companies such as banks, card companies, and securities firms. Notably, this year the scope of the training has been expanded to check whether interconnected services between financial sectors operate normally during emergencies, rather than just at the individual company level. On the 14th, joint training will be conducted with financial holding company affiliates and others.

Additionally, to simulate real-life conditions, the basic infrastructure of the data center, including communication and power networks, will be physically cut off to directly verify for the first time in the financial sector whether backup infrastructure operates normally during disasters such as communication and power outages.

On the 15th, the focus will be on the Korea Exchange, the Korea Financial Telecommunications & Clearings Institute, and securities firms to check whether securities operations are processed normally during disasters, considering the characteristics of the financial investment market.

The training was attended by Lee Bok-hyun, Governor of the Financial Supervisory Service, Shin Yong-seok, Cybersecurity Secretary, and key figures from the government and financial sector, who visited the KB Financial disaster recovery data center on-site to inspect the financial sector’s emergency response status and directly observe the disaster recovery switch training.

In his opening remarks, Governor Lee said, "This is a meaningful occasion for related institutions to unite and enhance disaster response capabilities to quickly recover digital financial infrastructure from disasters," emphasizing that "disasters at financial company data centers can paralyze the operations of multiple interconnected financial institutions, damaging the reliability and stability of the financial system." He added, "Through joint training, I hope to confirm confidence in being fully prepared for actual disasters and the belief that financial services are safe."

Furthermore, Secretary Shin stated, "The collapse of the financial system, which is the foundation of the national economy, greatly affects the safety of the people and national security, so strengthening crisis response capabilities is crucial," and mentioned, "I hope this joint training in the financial sector will serve as a model case and become an opportunity to elevate the nation’s cyber resilience to the next level."

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