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South Korea Takes Steps to Enhance Cybersecurity Measures for Financial Institutions Amid Rising Threats

Seoul, South Korea - October 4

The Financial Services Commission (FSC) Chairman Eun Sung-soo convened an emergency meeting with relevant authorities on October 4 to assess the cyber security posture of financial institutions in the face of escalating threats from overseas hacking groups.

Enhanced Cybersecurity Measures for Financial Institutions

Financial institutions in Korea are well-prepared to respond to potential cyberattacks, including distributed denial-of-service (DDoS) attacks that have been attempting to disrupt their systems. The key measures being taken include:

• Collaboration with other stakeholders: The Financial Security Institute has pledged to intensify its efforts to bolster cyber security measures and collaborate with internet service providers and the Korea Information Security Agency (KISA).
• Risk assessment: The FSC also conducted a risk assessment in connection with a system outage that occurred at the Tokyo Stock Exchange on October 1.

Joint Inspection to Guarantee Safety of Computer Systems

Although the incident is expected to have no direct impact on domestic financial transactions when markets resume after the Chuseok holiday, the Korea Exchange, KOSCOM and securities companies will conduct a joint inspection to guarantee the safety of computer systems in domestic stock markets.

Continued Vigilance and Cooperation Needed

The authorities emphasized the importance of continued vigilance and cooperation in safeguarding against emerging cyber threats.