Oh Hwa-kyung, Chairman of the Savings Bank Association, has called for enhanced financial security within the savings bank sector. With the rise of cyber threats, including ransomware and AI-driven attacks, he emphasized the need to view financial security as an investment in the future rather than a mere cost.
On June 19, the Savings Bank Association co-hosted a seminar with the Financial Security Agency at the Bankers Club in Jung-gu, Seoul, titled 'Financial Security Issues and Policy Trends Every Savings Bank CEO Should Know.'
The seminar aimed to share the latest financial security policies and breach cases, while also supporting the development of security strategies for the savings bank sector in response to the proliferation of new digital financial technologies such as AI.
During the seminar, Oh stated, "Financial security goes beyond merely preventing technical breaches; it is about maintaining the core value of trust with our customers. I hope this seminar serves as a reminder of the importance of financial security and elevates the security standards of savings banks."
He further remarked, "We need to recognize that strengthening financial security is not a cost but an investment in the future," and emphasized that enhancing information security will be a key focus in the central association's ongoing development of next-generation IT systems.
Park Sang-won, Director of the Financial Security Agency, noted that security threats in the financial sector have become increasingly sophisticated. He pointed out, "With ongoing ransomware attacks and large-scale personal data breaches, we are also witnessing a surge in intelligent cyber attacks leveraging high-performance AI. Security has evolved into a core management issue that affects the trust and survival of financial institutions."
* This article has been translated by AI.
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