Financial watchdog chief vows to strengthen cybersecurity in wake of recent hacking incidents

The chief of Korea's financial watchdog on Monday pledged to strengthen cybersecurity at local financial institutions through thorough investigations into recent hacking incidents that compromised about 100,000 cases of personal data.

"The recent security breaches have caused great concern among the public," Financial Supervisory Service Gov. Lee Chan-jin said in his opening remarks at a parliamentary audit.

"We will swiftly address security vulnerabilities through a thorough investigation into the causes."

Lee said he would encourage financial institutions to strengthen their internal security capabilities using AI technologies to respond effectively to AI-powered cyberattacks.

"We will consult with the Financial Services Commission to review various measures aimed at encouraging financial institutions to increase their investment in security and personnel," he added.

Lee's remarks came after about 16 local financial institutions, including banks, savings banks and insurance companies, were hit by a series of cyberattacks earlier this month, exposing about 100,000 cases of personal data across the industry, including email addresses, names and phone numbers.

Yonhap