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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

Small business sales up 4.5 percent but margins fall for second straight quarter; delinquencies rise

South Korean small business sales rose 4.53 percent in the second quarter from a year earlier, but profit margins fell for a second straight quarter as expenses increased faster, a report by Korea Credit Data showed. Average revenue per business was 47.11 million won, while average spending rose 5.83 percent to 35.22 million won. Delinquent amounts on sole proprietors’ loans rose 4.3 percent from the previous quarter to 15.2 trillion won.

Finance

Automatic block on financial transactions from day after death report applies across financial sector

Financial transactions in a deceased person’s name will be automatically blocked from the day after a death report is filed, the Ministry of the Interior and Safety and financial authorities said. The system, to be fully launched on Sept. 11, shortens the sharing cycle of death information with financial firms from once a month to once a day. It will cover 4,890 firms across the financial sector.