The Financial Services Commission announced that an internal organizational adjustment creating a division (Cyber and Information Security Division) tasked with overseeing financial data security and information protection will take effect from October 13.

Amid an accelerated pace of digital financial innovation taking place with the introduction of advanced technology such as artificial intelligence in financial services, diversification of payment methods and increased utilization of data, there are growing needs for the authorities to strengthen the function of data security and information protection.

Thus, the FSC will reorganize the current Electronic Finance Division into Cyber and Information Security Division in order to bolster the management of risks related to financial data security and strengthen financial data protection.

The Cyber and Information Security Division will be in charge of overseeing tasks related to electronic finance security, responding to electronic finance-related accidents, preventing fraudulent activities such as vishing, making policies on financial data privacy and protection of personal credit data, and establishing measures for ensuring stability and security in digital finance infrastructures.

The task of managing and overseeing electronic financial businesses—for instance, granting approval and registration—that was previously handled by the Electronic Finance Division will be transferred to and carried out by the Financial Data Policy Division.

In seeking to promote digital financial innovation, the FSC expects that this organizational reshuffle creating the Cyber and Information Security Division will help the authorities to more effectively and thoroughly deal with the issues related to ensuring the system stability of digital finance and strengthening financial data protection.

* Please refer to the attached file for details.