FTC worries about safety of all Korean banking networksThe Financial Services Commission and the Financial Supervisory Service will jointly examine the security of all financial institutions’ networks to prevent them from becoming paralyzed by cyberattacks.
Shin Je-yoon, chief of the FSC, made the announcement yesterday. Shin was inaugurated last Friday, two days after the networks of the country’s major financial institutions including Shinhan Bank and Nonghyup were paralyzed along with networks of broadcasters KBS, MBC and YTN.
Shin said that last week’s network paralysis showed how vulnerable the financial sector is to cyberattacks and that there is a need to ensure such incidents do not happen again.
In regards to overall conditions of the domestic financial market, the FSC chief, a former vice finance minister, said that overall the market has shown stability despite threats from North Korea.
More in Economy
Tapped out and hunkered down, Korea stares recession in the face
Property owners get big tax shock
Household debt keeps climbing despite gov't efforts
Career interruptions due to marriage and childbirth down 11 percent
Despite vaccine shot in the arm, credit risk remains in markets