FTC worries about safety of all Korean banking networks

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FTC worries about safety of all Korean banking networks

The 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.

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