FSS to allow full-time connection to internal network at financial firms

To facilitate remote working amid the prolonged COVID-19 pandemic, the nation’s financial watchdog will ease restrictions on external access to network systems at local financial companies. 

The Financial Supervisory Service said Thursday it would allow employees to stay connected to the company’s internal communication software throughout the day by revising the regulations on the supervision of electronic finance, which stipulate the so-called “network separation system.”

Implemented in 2013, the network separation system bans remote access to financial institutions’ intranets, except for in emergency situations such as natural disasters or network disruptions, in order to secure strong internal security.

Under the envisioned changes, all employees, except those involved in security, can access the company’s internal network at home via either personal laptops or corporate electronic devices whenever they want. Even employees at customer service centers outsourced by financial firms can have remote access to the intranet, the FSS said. 

The move came amid the spread of contactless culture in the COVID-19 era, where remote working has become a new normal. Since February, the FSS has temporarily allowed remote network connections with external institutions in the financial sector as telecommuting became inevitable to combat the spread of the virus. 

The authorities will make an advance notice of the changes Friday and the new regulatory scheme will take effect as early as in October after hearing sufficient opinions from experts, the FSS said.

By Choi Jae-hee (cjh@heraldcorp.com)