Gov’t to Enforce Certification of Digital Signature

Beginning September, only those who have government-authorized electronic signatures will be allowed to access online banking services. The virtual certification system, which is currently in place, will be switched to the new public certification system by May next year.

The Ministry of Information and Communication said on August 30 that it has decided to enforce a new security measure aimed to protect consumers from security breaches, which are rapidly increasing in line with growing e-commerce transactions.

According to the plan, commercial banks will be required to issue e-signatures authorized by six government agencies such as Korea Electronic Certification and the Korea Financial Telecommunications & Clearings Institute starting from September. Insurance companies will also be covered by the new regulation earlier than initially scheduled January next year. The ministry is consulting with the Financial Supervisory Commission to set the timetable.

It also plans to provide full support to promote widespread use of authorized signatures over Internet shopping malls, e-government, education and medical care Websites. Four brokerage firms, Shinyoung, Good Morning Shinhan, Tongyang and Construction Securities, have so far adopted e-signatures for their cyber stock-trading services.

Tae-Han Kim freewill@donga.com