The Financial Supervisory Service (FSS) announced on the 22nd that it has signed a memorandum of understanding (MOU) with the Financial Security Institute to strengthen responses to security threats in the financial sector. The FSS plans to share cyber threat information with the Financial Security Institute in June and aims to complete the establishment of an integrated control system by the end of this year.
The two institutions plan to engage in the establishment and operation of a cyber security threat information sharing system in the financial sector, jointly conduct response training for financial sector intrusion incidents, and cooperate in responding to cyber security threats in the financial sector.
Eun Bok-hyun, head of the FSS, noted at the signing ceremony that "in the case of intrusion incidents in the financial sector, the stability and trust of the financial system can be undermined, which can have a significant impact on the economic activities of the people. Therefore, the two institutions must closely cooperate to respond to security threats swiftly and precisely, while also enhancing the overall security capabilities of the financial sector."
The FSS plans to establish an integrated control system to systematically manage cyber threat information that significantly impacts financial IT as a whole. The two institutions will share cyber threat information that exploits security vulnerabilities in financial IT infrastructure and will strengthen preventive activities such as blind simulated hacking and a reward system for reporting security vulnerabilities. Additionally, a system will be established that allows for rapid reporting of financial sector response situations to the Financial Services Commission in the event of a crisis in the financial computing field.