(LEAD) FSS chief vows stronger cybersecurity after data breaches

SEOUL, Oct. 19 (Yonhap) -- The head of South Korea's financial watchdog, Governor Lee Chan-jin, pledged on Monday to bolster cybersecurity at local financial institutions following recent data breaches that compromised personal data of about 100,000 individuals. Concern among the public has been high over the recent security incidents.

Lee assured swift action to address security vulnerabilities, encouraging financial institutions to bolster their defenses using artificial intelligence (AI) technologies to effectively counter AI-driven cyberattacks. He added that consultation with the Financial Services Commission would review measures to incentivize financial institutions to invest more in security and talent.

The recent attacks targeted approximately 16 local financial institutions, including banks, savings banks, and insurance companies. The breaches exposed personal data, including email addresses, names, and phone numbers. In response to questions about single-stock leveraged exchange-traded funds (ETFs) launched in May, Lee acknowledged their role in market volatility in June and July.

The FSS began reviewing the single-stock ETFs in April to meet the government's schedule for their launch on May 27. No irregularities were found in the KRX's preliminary examination of the ETFs.