Korea FSS to Ease Restrictions on External Network Access

The FSS will ease restrictions on external access to network systems at local financial firms, in line with new norms amid the Covid-19 pandemic.

Korea’s FSS (Financial Supervisory Service) has reportedly said it will revise its regulations on the supervision of electronic finance to allow employees of financial firms to stay connected to their company’s internal communication software throughout the day.

The current regulations, implemented in 2013, stipulate a “network separation system”, which bars remote access to financial institutions’ intranets, except in emergency situations such as natural disasters or network disruptions.

While the regulations are aimed at ensuring strong internal security, the existing regulations are no longer seen as practical given the pervasiveness of contactless culture and remote working amid Covid-19.

Since February, the FSS has temporarily allowed remote network connections in the financial sector.

Under the new revisions, all employees, except those involved in security, will be able to access the company’s internal network at home via either a personal laptop or corporate electronic devices.

Employees at customer service centres outsourced by financial firms will also be to access the intranet remotely.

The changes are expected to take effect in October.