Lee Eogwon: "Plans to Fully Lift Network Separation for Financial Firms with AI and Cybersecurity Capabilities to Be Finalized Soon"

Attends Information Protection Day Event
Urges Financial Sector CEOs to Increase Investment in Security

Lee Okwon, Chairman of the Financial Services Commission, announced that plans to fully lift network separation requirements for financial institutions with sufficient artificial intelligence (AI) and security capabilities would be swiftly finalized and made public. He also urged financial institution CEOs and boards of directors to expand investments in security and to pay active attention to all aspects of security work.

On July 10, at the "Information Security Day Commemoration Event" for financial company CEOs hosted by the Financial Security Institute, Chairman Lee stated, "It is no longer possible to keep up with the speed of AI attacks by simply closing networks, restricting access, and responding after the fact as we did in the past." He added, "We will move quickly to establish a system that defends against AI attacks with AI."

He reaffirmed the plan to gradually ease network separation regulations for financial companies.

Chairman Lee stated, "We will smoothly proceed with AI security tests under the emergency relaxation of network separation implemented since June, and will flexibly improve the eligibility criteria to expand the number of participating financial companies. We will also promptly establish a plan to fully lift network separation for financial institutions with AI and security capabilities." He also emphasized the government's commitment to building an AI security framework in cooperation with the private sector and to continuously improving related systems.

Chairman Lee called on financial company CEOs to expand investments in security, secure professional personnel, and pay active attention and make responsible decisions regarding all aspects of security work, including real-time monitoring and simulation training against hacking.

In addition, plans are underway to revise laws and systems related to information security. Chairman Lee stated, "We will do our utmost to ensure that the revision of the Electronic Financial Transactions Act, which includes the introduction of punitive fines and enforcement charges to strengthen accountability for hacking incidents, enhanced authority for Chief Information Security Officers (CISOs), and strengthened consumer disclosure, is passed in the National Assembly as soon as possible."

Meanwhile, at the event, the Chairman of the Financial Services Commission presented awards for outstanding achievements in financial security. In the organization category, Samsung Fire & Marine Insurance and Korea Securities Finance were selected. In the individual category, Yoon Ho-young, CEO of KakaoBank, Jang Eunyoung, Executive Director at Citibank Korea, and Kim Daehee, Division Head at DB Insurance, received awards.

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