Data Breaches Spread as South Korea’s FSC Urgently Summons Finance CEOs, Including Digital-Asset Firms

A string of breaches, including personal data leaks, across South Korea’s financial sector has prompted authorities to urgently convene association heads from across the industry and chief executives of affected financial companies.

According to industry officials on October 3, the Financial Services Commission will hold an emergency inspection meeting at the Government Complex Seoul on the afternoon of October 4. Attendees will include the heads of associations representing banking, financial investment, insurance, credit finance, savings banks, mutual finance, digital assets and fintech, along with the CEOs of financial companies where breaches occurred.

FSC Chairman Kim Byoung-hwan will chair the meeting.

The FSC had initially planned to have each financial company conduct its own security check through October 5 and submit the results on October 7. But it decided to call an emergency meeting after additional damage was confirmed at Hyundai Capital and Yegaram Savings Bank.

Following recent breaches at Shinhan Bank, KB Kookmin Bank, Hana Bank and BNK Busan Bank, authorities also found that personal information on about 40,000 customers was leaked at Yegaram Savings Bank. At Hyundai Capital, some personal information of 146 mortgage loan solicitors was also leaked.

Financial authorities said further verification is needed to determine whether the recent breaches were carried out by the same hacking group.