The Financial Services Commission convened chief information security officers (CISOs) from all financial sectors and called for strengthening financial security capabilities. After hacking incidents occurred at SGI Seoul Guarantee and Welcome Financial Group, and most recently at Lotte Card, the commission urged particular vigilance on security.
On the 23rd, at an emergency meeting held in the main auditorium of KB Kookmin Bank in Yeouido, Seoul, Vice Chair Kwon Dae-young of the Financial Services Commission said, "To wisely overcome the recent breach incidents and restore trust in finance, the government, related institutions, and financial companies must unite and make fundamental efforts with the determination to engage in a 'war,'" adding, "All financial companies, under the responsibility of their chief executive officers (CEOs), should stake everything to check whether there are any loopholes in their information protection systems."
About 180 CISOs from financial companies attended the meeting. The Financial Services Commission said it is necessary for affiliated financial companies to guarantee CISOs the authority to independently oversee security and to make sufficient efforts to secure IT security personnel and facilities. It also called for upgrading consumer protection manuals so that consumer relief can be provided immediately when service disruptions and information leaks cause consumer harm.
It said that if a breach occurs due to a financial company's negligence, it will conduct a thorough investigation and impose strict sanctions. It also said it will pursue institutional improvements, including the introduction of punitive penalty surcharges and a security-level disclosure system.