Seoul:The head of South Korea's Financial Supervisory Service (FSS), Lee Chan-jin, has announced plans to bolster cybersecurity at financial institutions in response to recent hacking incidents that exposed approximately 100,000 cases of personal data.

According to Yonhap News Agency, Lee made these comments during a parliamentary audit, emphasizing the public's concern over the security breaches. He assured that the FSS would conduct thorough investigations to identify and address security vulnerabilities.

Lee also highlighted the importance of using artificial intelligence (AI) technologies to strengthen internal security systems and counteract AI-powered cyberattacks. He mentioned that consultations with the Financial Services Commission are underway to develop measures that would encourage financial institutions to invest more in security and personnel.

The cyberattacks affected around 16 local financial entities, including banks and insurance companies, compromising personal data such as email addresses, names, and phone numbers. Additionally, Lee addressed concerns about single-stock leveraged exchange-traded funds (ETFs), which were linked to market volatility in the summer. He noted that the FSS expedited its review process for these ETFs to adhere to the government's timeline for their launch, finding no irregularities during the examination.