'12·3 Martial Law' Financial Instability Continues... FSC: "Financial Sector to Thoroughly Respond to All Cyber Threats"

Amid ongoing financial market instability following the 'December 3 Martial Law Incident,' the Financial Services Commission (FSC) held a cybersecurity inspection meeting with financial security-related agencies and the financial sector to maintain a constant readiness against hacking, DDoS attacks, and other threats, and decided to strengthen financial companies' security monitoring activities to prevent financial security incidents.

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On the 13th, the FSC announced that it held an additional inspection meeting on the 4th with related agencies such as the Financial Supervisory Service (FSS) and the Korea Financial Security Institute (KFSI) to prepare for the possibility of a cyber crisis in financial companies. On the 4th, the FSC requested ▲ the execution of response activities at the 'attention stage' equivalent to the financial IT crisis alert 'caution stage,' ▲ implementation and inspection of technical and managerial security measures according to relevant regulations, and ▲ immediate reporting and dissemination to supervisory authorities and the KFSI upon detection of cyber threats or abnormal signs.

The meeting participants agreed that although no unusual signs related to cyberattacks have been detected so far, the possibility of cyberattacks such as hacking and DDoS exists, so it is necessary to maintain a constant state of readiness. They also recognized the need to strengthen financial companies' security monitoring activities to prevent financial security incidents like hacking and emphasized the importance of systematic response through rapid information sharing when cyber threats or abnormal signs occur.

First, the FSS stated, "We have informed the financial sector of major security vulnerabilities revealed by the blind simulated hacking exercises conducted in the first and second halves of 2024, and we maintain real-time information sharing and immediate response systems with financial security-related agencies." The Korea Financial Telecommunications and Clearings Institute (KFTC) mentioned, "We have inspected the response system against cyberattacks such as malicious email distribution, hacking, and DDoS attacks, and we focus on strengthening cyberattack response readiness by conducting concentrated security monitoring on core financial infrastructure to respond swiftly to crisis situations and maintaining close communication with related agencies."

The KFSI explained, "Depending on the possibility of a cyber crisis, we have requested thorough responses from financial companies according to emergency measures, and we are proactively responding to cyber crisis signs through inspections, enhanced monitoring of the financial sector's security system, and maintaining a 24-hour emergency response system."

Chairing the meeting, Kwon Dae-young, Secretary General of the FSC, stated, "Financial security incidents can cause serious damage to the national economy and bring about social anxiety and confusion," and urged, "I ask related agencies such as the FSS, KFSI, KFTC, and financial companies to cooperate closely to ensure that the financial sector can thoroughly respond to all cyber threats."

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