South Korea's FSC Chair Emphasizes CEO-Level Cybersecurity Oversight Amid AI Threats on July 10

According to Yonhap Infomax, South Korea's Financial Services Commission Chair Lee Eog-won emphasized on July 10 that financial institutions must prioritize cybersecurity at the CEO and board level, not just within IT departments, amid rising AI-powered attacks. Lee stressed that consistent security investments, adequate staffing, and continuous monitoring are essential to counter sophisticated cyber threats.

The government plans to implement AI-powered security testing with temporary network isolation relaxation measures, and will gradually expand participation among financial institutions. Lee also pledged to advance amendments to the Electronic Financial Transactions Act, including punitive fines for security breaches, enhanced Chief Information Security Officer authority, and expanded consumer disclosures.