14 DAY TRIAL // South Korea’s Financial Supervisory Service (FSS) has revealed its intentions to request all financial institutions to display the details of security breaches on their websites for a certain period of time.
“We'll hold the management responsible in the event of a security breach due to negligence and have them disclose details on the accident and the reasons for it on their website for one month,” Governor Choi Soo-hyun of the Financial Supervisory Service (FSS) said, cited by the Yonhap News Agency.
The decision comes a few months after several South Korean financial institutions were disrupted by a massive cyberattack.
The FSS announced its intentions to beef up security in the financial sector back in April.
In addition to the website notifications, banks will also have to perform regular inspections on network security. The FSS also wants to make sure organizations invest the required 7% of their budget in online security.