Financial Crime World

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Cybercrime Threats Loom Large Over Korean Financial Institutions

FSC Chairman Holds Emergency Meeting to Strengthen Cybersecurity Measures

SEOUL, KOREA - In response to growing threats from overseas hacking groups, Financial Supervisory Commission (FSC) Chairman Eun Sung-soo held an emergency meeting with relevant authorities on October 4.

Growing Threats of Cybercrime

Financial institutions in South Korea have been on high alert following a series of Distributed Denial-of-Service (DDoS) attack attempts by foreign hackers. Despite these threats, the country’s financial sector appears to be well-prepared to respond to cyberattacks.

Robust Preparedness Measures

The FSC has announced that banks and other financial institutions are maintaining robust preparedness measures to prevent potential attacks.

Enhancing Cybersecurity Measures

The FSC has pledged to work closely with other relevant institutions, including:

  • Internet service providers
  • The Korea Internet & Security Agency (KISA)
  • The Financial Security Institute

to enhance cybersecurity measures and prevent potential attacks. The Financial Security Institute will also continue to play a key role in monitoring and responding to cyber threats.

Recent System Outage at Tokyo Stock Exchange

The authorities also discussed the recent system outage that occurred at the Tokyo Stock Exchange on October 1. While there are concerns about the potential impact of this incident on domestic financial transactions, the FSC has assured that it will have no direct effect on the country’s markets when they resume after the Chuseok holiday.

Joint Inspection to Ensure Safety of Computer Systems

To further guarantee the safety of computer systems in domestic stock markets, the Korea Exchange, KOSCOM and securities companies will conduct a joint inspection. The outcome of this inspection is expected to provide valuable insights into the current state of cybersecurity in the country’s financial sector and inform future measures to prevent potential threats.