Lee Jong-oh, Deputy Director of Financial Supervisory Service, "Bank Digitalization Accelerates, IT Controls Must Be Strengthened"

FSS Holds Meeting with Bank CIOs
"Banks Must Further Strengthen IT Infrastructure Operation and Control"

Jong-oh Lee, Deputy Director of Digital and IT, Financial Supervisory Service

As the digitalization of the domestic financial sector accelerates, the Financial Supervisory Service (FSS) has requested banks to strengthen the operation and control of their IT infrastructure.

On the morning of the 19th, Lee Jong-oh, Deputy Director of Digital and IT at the FSS, held a meeting with Chief Information Officers (CIOs) of banks at the Banking Hall in Jung-gu, Seoul, emphasizing that "to enhance the digital operation and resilience of financial companies, it is important not only to have basic IT operations and controls but also to proactively respond to new IT risks arising from the use of new technologies."

Deputy Director Lee urged, "Continuous attention and cooperation are needed for the IT audit guidelines recently prepared together with the financial industry to strengthen internal IT controls of financial companies." He added, "To strengthen the stability of the financial system, securing digital resilience through the expansion of infrastructure at disaster recovery centers is crucial," and requested, "Please conduct effective disaster recovery drills, including external linked services, so that the banking sector's crisis response capabilities can be enhanced in disaster and emergency situations."

He also stressed, "Ensuring IT safety is as important as strengthening digital financial competitiveness using new IT technologies such as generative AI," and emphasized, "Financial companies need to actively respond by evaluating the risk level of new IT risks themselves and strengthening related security controls."

The FSS plans to promote performance enhancement, availability verification such as load testing, and the establishment of an emergency expansion system for computing resources so that the banking sector's disaster recovery centers can have practical service restoration capabilities. It also explained that joint disaster recovery drills involving all financial holding company affiliates and related institutions will be conducted to verify IT recovery resilience and improve emergency response capabilities.

Deputy Director Lee stated, "Regarding IT incidents that cause financial consumer damage such as electronic financial failures and information leaks, we will promptly conduct incident investigations and strictly sanction any discovered violations to establish market discipline."

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