Hana Bank receives FSC commendation for infomation security

Financial Services Commission Chairman Lee Eog-weon, left, and Hana Bank CEO Lee Ho-seoung pose at the Conrad Hotel in Seoul, Thursday. Courtesy of Hana Financial Group

Hana Bank has received the Financial Services Commission (FSC) Chairman’s commendation for contributions to information protection in the finance sector, the lender said Thursday.

The recognition came amid escalating cyber threats in the financial industry and subsequent calls for strengthened regulations to bolster digital data protection.

The award is one of the most prestigious cybersecurity honors in Korea’s financial industry.

Hana received the award during this year's Financial Information Security Conference at the Conrad Hotel in Seoul. The conference shared insights on financial security trends, technologies and policy developments.

The company was recognized for strengthening efforts to adapt to the rapidly expanding digital financial environment.

Also highly assessed were its effort to cultivate a culture of information protection through enhanced communication and collaboration, as well as building a multilayered security defense system designed to manage cyberthreats proactively.

Hana also developed an advanced methodology in which the impact of information security is accurately assessed to identify and prevent threat attempts.

“We are glad that this recognition acknowledges Hana’s strength in the information security management system,” Hana Bank CEO Lee Ho-seoung said during the event.

Lee added that the lender plans further efforts to promote data security, strengthen system stability and bolster cyberthreat response capabilities, deepening its sustainable information security expertise.

Hana works closely with the Financial Security Institute in cyberthreat responses, security measure developments and financial security policy research.

“We will continue to strengthen our financial services toward data-backed privacy protections and overall enhanced consumer data management to maintain trust in digital finance,” the lender said.

Meanwhile, the award coincides with concerns that Korea lags behind in cybersecurity measures, despite industry-wide advances in digital financial services including open banking to artificial intelligence technology-mediated product developments.