Major Banks Breached, President Intervenes
South Korean President Lee Jae-myung has personally intervened following a series of data breaches affecting banks, financial companies, and public institutions. The Seoul presidential office revealed that he has ordered a thorough investigation into the incidents.
President Lee has also called for immediate countermeasures to address the breaches, according to Reuters. Several banks affected by the cyberattacks include Shinhan Bank and KB Kookmin Bank. Reports from Yonhap news agency indicate that Hana Bank and Woori Bank have suffered similar fates.
Investigations were initiated after Shinhan Bank reported a breach on 30 September, with the scope of the inquiry expanding following subsequent reports.
Regulators have instructed financial institutions to conduct comprehensive security inspections, tighten access controls, and minimise external system access. Furthermore, institutions are required to strengthen consumer protection measures.
Regulators believe that not only a single institution was targeted, but rather multiple companies were targeted in an attempt to scan for vulnerabilities within the financial sector.
Citing banking data submitted to regulators, Yonhap reported that the IP addresses associated with the attacks originated from several countries, including the United States, Japan, Singapore, Vietnam, and the United Kingdom.
Meanwhile, the Chairman of the South Korean Financial Services Commission (FSC), Lee Eog-weon, held an emergency meeting regarding the incident last Sunday. The meeting was attended by financial industry associations, regulators, and executives from the affected institutions.
During the meeting, he reminded the financial sector that it must respond to the incident with the highest level of vigilance.
North Korea has also been implicated in the aftermath of the attacks. The People Power Party stated that the possibility of involvement by the neighbouring nation must be investigated.
The opposition party has linked the current breach to past cyberattacks on South Korean financial institutions that were attributed to North Korea.