In the wake of the massive data leak, Korea's National Assembly plans to pass a revision to the Personal Information Protection Act at next month's extraordinary session.
The revision will form a legal framework to make mobile spam messages illegal and clamp down on voice phishing, both of which are the most common forms of financial fraud.
Financial firms will also be restricted from sharing their clients' personal information with their affiliates to prevent secondary damages.
The leader of the main opposition Democratic Party, Kim Han-gil, has proposed the National Assembly form a special committee to find out how the data breaches were able to happen.
Kim is also demanding government and presidential office officials step down to take responsibility for the leaks.
"There should be a full-scale personnel shake up at the presidential office of Cheong Wa Dae and the Cabinet as these leaks were brought on by President Park Geun-hye's uncommunicative politics."
He also urged the ruling Saenuri Party to accept his party's proposal of setting up a special committee to oversee a parliamentary probe into the matter.
Kim said the government must determine the causes of the leaks and come up with preventive measures.
However, the Saenuri Party says it's opposed to Kim's proposal as the matter can be handled by one of the National Assembly's standing committees.
"A separate parliamentary probe by a special committee is unnecessary. Our top priority is to bring the situation under control. President Park has promised to hold people accountable."
At an emergency meeting with related ministers on Sunday, Prime Minister Chung Hong-won ordered the establishment of a government-wide task force and to devise follow-up measures to bring the crisis under control.
Ji Myung-kil, Arirang News.