South Korea’s Financial Services Commission and Financial Supervisory Service today announced a roadmap to reform the strict network separation rules under the Regulation on Supervision of Electronic Financial Transactions.
Key points
- Network separation has required financial firms to isolate internal systems from the internet.
- The roadmap aims to permit SaaS and generative AI use under defined conditions.
- Changes are to be introduced in three phases, with security safeguards.
- Other prescriptive requirements, such as security officers and vulnerability assessments, remain.
UK SaaS, cloud and AI providers hoping to serve Korean financial institutions may find new opportunities, but should be ready to demonstrate strong security controls and meet conditions set by the regulators.
Source: Network separation improvement roadmap (Financial Services Commission, Korea)
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