Lee orders review for establishment of cybersecurity task force

president-Cabinet meeting

SEOUL, Nov. 3 (Yonhap) -- President Lee Jae Myung on Tuesday instructed officials to consider establishing a cybersecurity task force that will be dedicated to enhancing online security amid a growing number of hacking cases affecting financial firms.

The president gave the order at a Cabinet meeting following a series of hacking attacks on local financial firms that resulted in data breaches of customer information, including most recently Mirae Asset Global Investments, crypto exchange Bithumb and Daishin Securities.

Lee's remarks also followed the high-profile hacking of Binance, the world's largest cryptocurrency exchange, which resulted in the theft of more than US$6 billion worth of cryptocurrency.

The U.S. Federal Bureau of Investigation (FBI) has since blamed North Korea for the cyber theft.

Lee called for "a comprehensive prevention system" against cybersecurity threats, saying they have worsened to the extent of posing a serious threat to the national economy and security, as well as people's everyday lives.

He said the growing sophistication and the spread of hacking techniques, fueled by the development of artificial intelligence (AI), are exposing the clear limits of the current security maintenance systems.

The president highlighted the need for discussions aimed at establishing a pan-government agency in charge of ensuring cybersecurity in both the public and the private sectors.

In particular, he instructed officials to "proactively consider the formation of a cybersecurity czar agency" that can serve as a strong and effective control tower for security management.

Lee also instructed officials to thoroughly improve any cybersecurity shortcomings involving major state institutions and key state infrastructure, such as information communications, energy and finance.

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