FSS chief vows stronger cybersecurity after data breaches

The chief of South Korea's financial watchdog, Lee Chan-jin, has vowed to enhance cybersecurity measures at local financial institutions following a series of data breaches that compromised around 100,000 sets of personal information. Speaking at a parliamentary audit, Lee expressed concern over the impact of the recent security incidents on public trust.

He assured that the Financial Supervisory Service (FSS) would conduct a thorough investigation to identify the root causes of the breaches and take swift action to rectify identified vulnerabilities. Lee also emphasized the importance of leveraging artificial intelligence (AI) technologies to bolster the security capabilities of financial institutions, enabling them to effectively counter AI-driven cyber threats.

Furthermore, the FSS chief proposed engaging with the Financial Services Commission to review and evaluate various measures intended to encourage financial institutions to bolster their investment in security infrastructure and personnel resources. Lee's statements followed a series of cyberattacks carried out on approximately 16 local financial institutions, including banks, savings banks, and insurance companies, during the past month.

These attacks resulted in the exposure of personal data belonging to a significant number of individuals.