[Special Class at FSC] Electronic Finance

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We are all familiar with ‘Electronic Finance’ these days. Within seconds, online transactions are done by clicking few buttons on the website. What’s more? Electronic finance becomes much quicker and easier, thanks to our smart phones. Now you don’t even turn on your PC, but just touch your mobile screen. And actually, I’ve already uploaded other posts about ‘electronic finance’, telling you how convenient and handy it is.

However, as you all know by now, electronic finance is sometimes troublesome. The related security matters are being talked a lot, letting us worried. We are not confident to say that our personal information for e-banking is secured. Why? We’ve been heard about a number of news reporting that personal information is mistakenly spilled, information system is hacked, and so on. All of those news let us pay attention to ‘Security Matters Related to Electronic Finance’. Regarding this issue, FSC’s Electronic Finance Team (Financial Services Bureau) held a special class on August 24. The speaker addressed; 1) The previous cases involving breach of security, 2) The current problems, and 3) To-do-list for security matters.

 

The emphasis was put on ‘security awareness’. It is not enough for individuals to be aware of the significance of security matters. Rather, corporations need to acknowledge security awareness by implementing a right system and maintaining it. It is required that corporations become much more responsible for security matters. There should be no more perceptions, ‘security system is given for free’. Management of security system costs as well as needs efforts. However, surely it is the right thing to be pursued, rather than saying irresponsible words of “apologizes” after breach of security occurs. Responding to ever-growing concerns about security matters for e-banking system, FSC introduced ‘Comprehensive Measure for Financial Corporations to Enhance IT Security System’, in June 2011. Following this measure, the Amendment to Electronic Financial Transaction Act was introduced and approved at the Cabinet Meeting in July. This amendment is to enhance security system and thus promote more soundness and safeness in electronic financial transaction. Beyond a great convenience of electronic finance, related security matters are threatening us with more diverse and new methods of hacking. We, as an individual user of electronic finance, should be ‘alert’ all time when doing online transactions. And the FSC’s policy measure and the recent amendment to the Act are to further strengthen the IT security system by urging corporations to take more responsibilities!

Cheers,
Frank

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