Chairman Kim Joo-hyun of the Financial Services Commission attended the 13th data protection day commemoration seminar hosted by the Financial Security Institute on July 17 and delivered a keynote speech on the importance of cyber and information security amid digital innovation in the financial industry. In his speech, Chairman Kim said that digital operation or making use of digital technologies has become an inseparable aspect of financial services and an important part of growth strategies for financial companies. While digital technologies were adopted to increase user convenience in the past, Chairman Kim said that from now on they should be utilized to boost accountability in financial sectors and to promote responsible ways to grow by maintaining high standards for cyber and information security. In this regard, Chairman Kim said that it is necessary to have a rules-based overhaul of the cyber and information security framework, seek proactive ways to guarantee data security (e.g. through a bug bounty program), and strengthen operational resilience in digital services.