Data-Breach Fallout Spreads as FSC Urgently Summons Finance CEOs, Including Digital-Asset Sector

South Korea’s financial authorities are urgently convening the heads of associations across the financial industry, along with the chief executives of financial firms hit by cyber incidents, as a string of breaches involving personal data leaks spreads across the sector.

According to industry officials on October 3, the Financial Services Commission will hold an emergency inspection meeting on October 4 at the Government Complex Seoul. Attendees will include the heads of associations representing banking, financial investment, insurance, credit finance, savings banks, mutual finance, digital assets and fintech, as well as CEOs of financial companies where breaches occurred. FSC Chairman Kim Byoung-hwan will personally chair the meeting.

The FSC had originally planned for each financial company to conduct its own security inspection by October 5 and report the results on October 7. But it decided to hold the 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 identified a leak of personal data affecting about 40,000 customers at Yegaram Savings Bank. At Hyundai Capital, some personal information of 146 mortgage loan sales agents was also leaked.

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