The Financial Supervisory Service has begun a consulting inspection of Toss Securities, which has had frequent system failures. A consulting inspection is a preventive review aimed at encouraging improvements, not detecting and sanctioning legal violations.
According to the investment industry on the 27th, the Financial Supervisory Service has been conducting an on-site consulting inspection related to system failures at Toss Securities since on the 25th. The inspection is scheduled to end on the 28th.
The purpose of this inspection is to diagnose the causes of recurring system failures and the information technology (IT) internal control framework, and to establish measures to prevent a recurrence. It is known that, in addition to IT staff, management including the chief information officer (CIO) were interviewed to examine whether staffing and system investments, as well as internal decision-making and support systems, functioned properly.
Toss Securities was selected for a review in the securities sector after considering the frequency of system failures and the size of its user base. According to materials from the National Policy Committee, Toss Securities accounted for 18% of all complaints in the securities industry in the first quarter of this year. In the insurance sector, Lina Life Insurance was reviewed; in the banking sector, Standard Chartered Bank Korea; and in the card sector, Shinhan Card.
This also aligns with the government's direction for overhauling its inspection and sanctions system. In Jan. this year, the government asked the Financial Supervisory Service to shift from a sanctions-centered inspection approach to a preventive and consulting-based method. Accordingly, in its digital and IT business plan in Mar., the Financial Supervisory Service said it would shift to a preventive supervision and inspection framework that identifies and responds to IT risks at an early stage.