FSS: "Consumer Protection Is the Top Priority in Digital and IT Supervision Paradigm"

2026 Digital and IT Financial Supervision Business Briefing Held

Thorough Review of Internal Controls for Big Tech Electronic Financial Service Providers

"Consumer Protection" as the Top Priority... From Post-Incident Response to Prevention-Oriented Approach

On March 4, Lee Jong-oh, Deputy Governor of the Financial Supervisory Service, stated, "We will place the highest priority on 'consumer protection' in the digital and IT sectors and create a digital financial environment where financial consumers can conduct transactions with peace of mind."

Financial Supervisory Service Headquarters, Yeouido, Seoul. Financial Supervisory Service

Deputy Governor Lee made these remarks at the "2026 Digital and Information Technology (IT) Financial Supervision Business Briefing" held at the Financial Supervisory Service Headquarters in Yeouido, Seoul, on this day. He said, "As financial digitalization and artificial intelligence (AI) innovation spread, incidents of information leakage and IT system failures are occurring frequently, and the risk of IT risk spreading continues to exist." The briefing was attended by representatives from financial companies, electronic financial service providers, virtual asset service providers, and industry associations.

Regarding the direction of supervision and inspection for this year, he explained, "We will make every effort to prevent incidents by shifting the IT risk supervision paradigm from a 'post-incident response' approach to a 'prevention-oriented' approach." He added, "Even if incidents occur, we will minimize damage by strengthening digital resilience."

He also announced plans to strengthen internal controls and IT system inspections for big tech electronic financial service providers and digital asset businesses. He emphasized, "We will establish sound business practices for electronic financial service providers closely connected to the daily lives of the public and enhance transaction stability. In particular, we will thoroughly review the risk management and internal control systems of large electronic financial service providers affiliated with big tech companies."

He further stated that the Financial Supervisory Service will actively encourage improvements in internal controls and IT systems so that the digital asset market, used by 11 million citizens, can restore trust. Deputy Governor Lee said, "We will also strengthen market surveillance capabilities by ensuring thorough preparations for the second phase of virtual asset legislation and by advancing investigation systems."

The Financial Supervisory Service plans to actively reflect the industry's opinions and suggestions raised at the briefing in future supervisory and inspection work.

This content was produced with the assistance of AI translation services.