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Finance

FSS calls financial sector CISOs, warns of tough measures over passive self-corrections

South Korea's Financial Supervisory Service called in chief information security officers from financial companies and urged stronger responses to cyberattacks using artificial intelligence. It said it will conduct on-site inspections of high-risk firms with weak basic IT controls and intensify monitoring, including management interviews. The watchdog plans checks in five areas through November and said it may reduce sanctions for minor incidents if firms make thorough self-corrections, but will take tough action if passive efforts lead to major IT and cyber incidents.

Finance

Samsung Securities enters commercial paper business after 9 years, gets final FSC approval

Samsung Securities will enter the commercial paper business after nine years after South Korea's Financial Services Commission gave final approval. The company first applied in 2017 but failed repeatedly due to issues including major shareholder eligibility and possible sanctions. Its review was halted again last year amid potential penalties linked to regulators’ inspections. With sanctions set at an “institutional warning” in July, the review resumed. The number of licensed issuers rises to eight.

People & Appointments

Ku Hyuk-chae pledges support for young researchers to pursue tech startup dreams

Ku Hyuk-chae (구혁채), first vice minister at South Korea's Ministry of Science and ICT, visited Seoul Bio Hub on Tuesday to review on-site support for young entrepreneurs at the Seoul Hongneung research and development special zone. The visit was part of the ministry's Project Empathy 118 programme. Ku toured a tenant startup and held talks with young founders from the GRaND-K Startup School, discussing government support policies and improvements across the startup ecosystem.