South Korea's FSC Holds Meeting to Bolster Financial Cybersecurity After Recent Data Breaches
The Financial Services Commission (FSC) held a meeting on October 14 to address cybersecurity management in the financial sector following recent hacking incidents. Authorities confirmed that 16 companies experienced data breaches, affecting approximately 100,000 pieces of customer data. A checklist evaluation of 555 companies revealed 130 areas needing improvement, primarily in security patches and control systems, particularly in electronic financial services and online peer-to-peer lending. The FSC plans to conduct exhaustive inspections, improve cyberattack response mechanisms, mandate more frequent vulnerability tests, and expand cybersecurity support for small and medium-sized financial companies.
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