Lee Ok-yeon, the chairman of the Financial Services Commission, announced plans to continue easing network separation regulations while strengthening cybersecurity in the financial sector. This statement comes in light of recent hacking incidents and data breaches within the industry, reaffirming the commitment to balance digital innovation and security.
During his opening remarks at the National Assembly's Financial Services Commission audit on October 8, Lee stated, "We are working to ease network separation regulations on the condition of enhanced security to support innovation and strengthen security capabilities in the financial sector."
In response to the recent spate of cyber incidents, there is an increasing need to review the overall security framework of financial institutions, including external contact management and access controls. As a result, the audit is expected to focus on the responses of financial companies to hacking incidents, as well as the management and oversight by financial authorities and future security policy directions.
Additionally, the Financial Services Commission will maintain a strict management approach regarding household debt. Lee emphasized, "We will continue to uphold a strict management stance on household debt, limiting speculative loan demand while ensuring sufficient supply of financial support for low-income households and mid-interest loans." Targeted support for genuine homebuyers and expanded financial assistance to promote housing supply will also be implemented.
Efforts to enhance debt restructuring for vulnerable groups will be intensified. The commission plans to adjust and eliminate existing debts that are difficult to repay through initiatives like the New Leap Fund, while overhauling collection practices and management systems to prevent recurring long-term delinquent debts.
The expansion of productive finance will also continue. The National Growth Fund, currently operating at 150 trillion won, is set to increase to 200 trillion won, with plans to broaden the scope of support and direct investment.
* This article has been translated by AI.
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