“If a sinkhole opens up in Yeouido, what happens to my stocks?” ... Disaster drill chaired by Financial Services Commission Chairman Lee Eok-won

[Financial News] The Financial Services Commission held a Safe Korea Training for Disaster Response in the Financial Sector at the Korea Exchange in Yeouido, Seoul, on the 29th. The exercise was based on a complex disaster scenario involving a major sinkhole and a DDoS attack. It was intended to strengthen the ability to respond to crises involving the disruption of the financial system.
A total of 11 organizations took part in the exercise: eight financial-sector organizations, including the Financial Services Commission and the Korea Exchange (the main exercise institution), the Financial Supervisory Service, the Financial Security Institute, Korea Development Bank, Industrial Bank of Korea, KSD, the Korea Financial Telecommunications & Clearings Institute, and Koscom Corporation, as well as Yeongdeungpo Fire Station and Yeongdeungpo Police Station. The exercise ran from 2 p.m. to 3:30 p.m.
The exercise scenario centered on a major sinkhole near Yeouido and a DDoS attack that disrupted some systems at a data center. The Financial Services Commission and the Korea Exchange conducted field drills in cooperation with fire stations and other agencies, including identifying and reporting the disaster, evacuations and rescue operations, and extinguishing fires in outdoor units. This was followed by a discussion-based exercise simulating a complex disaster in which the sinkhole expanded, the data center’s functions were impaired, and a DDoS attack occurred simultaneously.
Lee Eok-won, chairman of the Financial Services Commission, personally chaired a Central Accident Response Headquarters meeting. He reviewed the disaster-response system, including the process of switching operations to an alternative site when a data center’s functions are impaired. Lee said, “If incidents at financial data centers are not thoroughly prevented and addressed, they can cause major disruption to people’s lives and financial markets, as well as social costs,” and urged participating institutions to maintain their attention and efforts to achieve zero disruptions.
Eunbo Jeong, chairman of the Korea Exchange, said, “Today’s exercise was an important opportunity to check whether our response system actually works in the event of a complex disaster affecting the financial market,” adding, “We will work to ensure that securities and derivatives markets can operate stably under any disaster scenario.”
The Financial Services Commission plans to incorporate the results of the exercise into the crisis management manual for disasters involving the disruption of national core infrastructure. It also plans to work with related institutions to make the manual more relevant so they can respond swiftly and accurately to various types of disasters, and to strengthen their capacity to assess risks to key systems and facilities.
[email protected] Park Mun-su Reporter