FSS chief vows stronger cybersecurity after data breaches

SEOUL, October 19 (Yonhap) -- The head of South Korea's financial watchdog vowed on Monday to bolster cybersecurity at local financial institutions in the wake of recent hacking incidents that exposed about 100,000 personal data records. Financial Supervisory Service Governor Lee Chan-jin made the pledge during his opening remarks at a parliamentary audit, expressing concern among the public over the security breaches.

Lee assured swift action to identify security vulnerabilities through a thorough investigation into the causes after about 16 local financial institutions, including banks, savings banks, and insurance companies, fell victim to a series of cyberattacks earlier in the month. He hinted at encouraging financial institutions to enhance their internal security capabilities using artificial intelligence (AI) technologies to effectively combat AI-powered cyberattacks.

Lee also pledged to consult with the Financial Services Commission to review various measures aimed at motivating financial institutions to invest more in security and personnel.