Financial authorities are pushing legal amendments to strengthen companies' system security, calling it pivotal to their survival amid a recent hacking and security breach at Upbit and Coupang, the financial watchdog said on Monday.“A regulatory and sanctions framework at least equivalent to that of the Financial Investment Services and Capital Markets Act will be fully introduced through legal amendments to establish system security as a core and essential investment for survival,” said the Financial Supervisory Service (FSS) Gov. Lee Chan-jin during a press conference held in Yeouido, western Seoul, on Monday.The act is a comprehensive law that regulates Korea’s capital markets to ensure fair competition, protect investors and enhance market efficiency.“Discussions are underway with financial authorities on revising the law to comprehensively strengthen areas related to consumer protection — such as system security — which have been relatively lacking,” Lee added.The governor's remarks followed the recent breach of personal information affecting more than 33 million users of e-commerce giant Coupang and the reportedly North Korea-linked hacking of 44.5 billion won ($30.4 million) in cryptocurrency at Upbit, Korea’s largest crypto exchange.Several companies have suffered data breaches this year, including SK Telecom, with the SIM card information of more than 23 million mobile users hacked in April, and Lotte Card, which experienced a leak that exposed the personal informati