Financial Supervisory Service Chief Orders Comprehensive Inspection of External Contacts Related to Financial Sector Hacking Incident

Lee Chan-jin, the head of the Financial Supervisory Service (FSS), has instructed a comprehensive inspection of external contacts in the financial sector, including the virtual asset industry, in relation to recent hacking incidents. The external contacts connected to systems handling customer and financial company assets will be prioritized for inspection, and external access will be blocked until vulnerabilities are resolved. On the 3rd, the FSS announced that Lee Chan-jin reviewed the status of responses by sector to the hacking incidents during an executive meeting and discussed measures to enhance security. The recent hacking incidents have expanded beyond traditional financial institutions to include those not subject to the Electronic Financial Transactions Act, with cases of monetary losses reported among virtual asset service providers and online investment-linked financial businesses. Lee has directed inspections of external contacts, including those in the lending, digital asset, and online investment-linked financial sectors, as well as entities not covered by the Electronic Financial Transactions Act. The FSS plans to mobilize IT professionals to verify the implementation of inspection results and will take strict measures if inspections are merely formal. The priority will be given to inspecting external contacts connected to systems handling customer or financial company assets, and it will also be examined whether financial companies affected by hacking incidents have properly implemented security precautions and self-inspections. Lee emphasized that management should recognize that securing IT safety is fundamental to customer trust and should take the lead in expanding security budgets and personnel.

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