Cybersecurity Efforts Intensified by Korean Financial Regulators Amidst DDoS Attack Threats

In a bid to bolster cybersecurity measures, Chairman Eun Sung-soo of Korea’s Financial Services Commission (FSC) convened an emergency meeting with relevant authorities on October 4. The gathering aimed to assess the preparedness of financial institutions in the face of a recent spate of distributed denial-of-service (DDoS) attack attempts by overseas hacking groups.

Assessing Preparedness

According to officials, Korean financial institutions have thus far maintained robust response capabilities against these cyber threats. In light of this, the Financial Security Institute has pledged to continue strengthening its cybersecurity measures and enhance cooperation with other key stakeholders, including:

• Internet service providers
• The Korea Information Security Agency (KISA)

Joint Inspection Ordered

The meeting also touched on the recent system outage at the Tokyo Stock Exchange, which occurred on October 1. While the FSC expects no direct impact on domestic financial transactions once markets reopen following the Chuseok holiday, it has nonetheless ordered a joint inspection involving:

• The Korea Exchange
• KOSCOM
• Securities companies

to guarantee the safety of computer systems in Korean stock markets.

Emphasis on Cybersecurity

The authorities emphasized the importance of prioritizing cybersecurity amidst the escalating threat landscape. As the country’s financial institutions continue to navigate these challenges, they remain committed to:

• Protecting against potential cyber threats
• Ensuring the integrity of their operations

In conclusion, the FSC and relevant authorities are working together to strengthen cybersecurity measures and ensure the continued stability of Korea’s financial sector.