Financial Security Shifts From Rules to Principles as FSS Move Draws Attention

A series of recent IT and security incidents in South Korea’s financial sector has heightened concern among both financial companies and regulators. Against this backdrop, Kim Dong-il, attorney at Kim & Chang, focused on the discussion around the “financial security paradigm” announced by the Financial Supervisory Service on April 7. The key point is a shift in emphasis from detailed rule-based management toward a principles-based security framework. This could prompt financial firms to reassess their own prevention and response capabilities, while also giving regulators an opportunity to review changes in security oversight. Source: cited from mk.co.kr.