▲ Financial Supervisory Service Governor Lee Chan-jin takes an oath during a parliamentary audit of the FSS held by the National Policy Committee on October 19.
Financial Supervisory Service Governor Lee Chan-jin promised on October 19 to "promptly patch security loopholes through a thorough investigation into the causes" regarding a recent series of hacking and security breaches in the financial sector.
Governor Lee made the remarks during his opening speech at the parliamentary audit by the National Policy Committee of the National Assembly, stating, "The recent security breaches have caused great concern to the public."
"To ensure effective responses—such as AI-powered defense against AI-driven attacks—we will actively encourage financial institutions to strengthen their own security capabilities," he said.
Specifically, he explained, "We will reinforce institutional mechanisms, including strengthening vulnerability analysis and evaluations, mandating IT asset identification and management, and expanding mock hacking drills that incorporate AI-based infiltration."
He also added, "We will discuss and review various improvement measures with the Financial Services Commission to encourage financial institutions to increase their investments in security budgets and personnel."
At the same time, he highlighted as achievements that the FSS has maintained ongoing communication with financial company executives to raise security awareness and established a cybersecurity threat response system through an integrated monitoring system launched in earnest last February.
According to the FSS, prior to the recent financial sector security breaches (from August 20 to September 30), authorities intensively disseminated 20 advisories through the Financial Security Integrated Monitoring System "FIRST." These included indicators of compromise such as attacker IP addresses, cases and precautions regarding the exploitation of external-facing systems, and recommendations for security measures concerning external-facing IT asset breach attempts.
Governor Lee also emphasized that the paradigm of financial security supervision has shifted from a focus on "ex-post sanctions" to "prevention."
Regarding current market conditions, he stated, "Uncertainties in the domestic and external economic environments, such as rising interest rates, persist, making it more important than ever to secure stability in the financial markets. We will closely monitor potential risks to prevent them from materializing and respond swiftly if signs of crisis are detected."
Emphasizing that he has focused on establishing a supervisory system that puts financial consumers first since taking office, Governor Lee stated, "Going forward, we will support the legislative process for introducing systems such as one-sided binding force to build a financial system where financial consumers and investors are thoroughly protected."
One-sided binding force is a system pushed by authorities under which, in minor disputes, if a financial consumer accepts a settlement proposal presented by the Dispute Mediation Committee, a settlement is established even if the financial institution does not agree.
(Photo: Yonhap News)
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