Key facts
- About 100,000 cases of personal data were compromised in recent cyberattacks.
- Lee Chan-jin acknowledged single-stock ETFs contributed to market volatility.
- The FSS reviewed single-stock ETF listings before KRX preliminary examination.
Financial Supervisory Service (FSS) Governor Lee Chan-jin pledged on Monday to bolster cybersecurity at South Korean financial institutions following a series of recent cyberattacks. These incidents compromised approximately 100,000 cases of personal data, including email addresses, names, and phone numbers, across about 16 institutions such as banks, savings banks, and insurance companies. Lee stated that the FSS would conduct thorough investigations into the causes of the breaches and encourage financial firms to enhance their internal security capabilities, potentially using artificial intelligence technologies. He also indicated that the FSS would collaborate with the Financial Services Commission to review measures promoting increased investment in security and personnel. In separate remarks during the parliamentary audit, Lee acknowledged that the introduction of single-stock leveraged exchange-traded funds in May had partly contributed to significant market volatility observed in June and July. He noted that the FSS had initiated a review of these ETFs in April, prior to the Korea Exchange's preliminary examination, to meet a government launch schedule.