Recently, following data breaches at Shinhan Bank and KB Kookmin Bank, financial authorities have initiated emergency security inspections across the financial sector.
The Financial Services Commission (FSC) announced on October 2 that it held an emergency response meeting with the Financial Supervisory Service (FSS), the Financial Security Institute, major commercial banks, credit card companies, the Korea Banks Association, and the Korea Credit Finance Association, chaired by Secretary General Shin Jin-chang.
The meeting aimed to share information on the types and methods of attacks related to recent data breaches at financial institutions and to assess the overall security status and response strategies within the sector.
After a data breach incident at Shinhan Bank on September 30, additional damage was confirmed at KB Kookmin Bank, raising concerns that similar incidents could occur at other financial institutions.
In response, the FSC, FSS, and the Financial Security Institute stated that they have begun on-site investigations immediately upon receiving reports of recent security breaches. They also emphasized that they will strengthen management and supervision to ensure that affected financial institutions fulfill their consumer protection and compensation obligations without delay.
The financial authorities have ordered financial institutions to conduct security inspections of all exposed IT systems. They will also enhance controls to prevent unnecessary data exposure and improve authentication and access controls, while ensuring rapid sharing of threat information among financial companies.
To facilitate this, financial institutions will be required to conduct self-security checks using vulnerability checklists and submit their inspection results promptly.
Secretary General Shin stated, "In the event of an unavoidable incident, we must be fully prepared to minimize consumer harm through swift responses. We will thoroughly analyze the causes and methods of attacks to quickly establish necessary institutional improvements."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.