The Financial Services Commission (FSC) is calling in the entire financial industry after a string of hacking attacks and personal data breaches targeting financial companies. Breaches that began at commercial banks have spread to non-bank lenders such as capital and savings banks, prompting the regulator to review security systems across the whole sector rather than within individual segments.
The FSC will hold an emergency review meeting on the afternoon of the 4th on the recent hacking incidents and data breaches in the financial industry, according to industry sources on the 3rd.
Chief executives and other officials from major commercial banks as well as brokerages, insurers, savings banks, mutual finance institutions, card companies and capital firms, along with their industry associations, are expected to attend. The gathering effectively brings the entire financial sector together to share how companies are responding to the recent attacks and to review security systems in each segment.
The FSC had originally planned to convene the meeting on the 7th and receive reports on each company’s internal review, but it moved the date forward after additional breaches emerged at firms including Hyundai Capital.
The regulator is summoning all segments because the damage is spreading quickly. Major banks including Shinhan, KB Kookmin and Hana Bank recently suffered a series of personal data leaks from external hacking, and similar incidents have since occurred at non-bank lenders such as capital and savings banks.
A financial authority official said the recent pattern of incidents is not confined to one segment but requires vigilance and a response from the entire financial industry. “We are holding the meeting to communicate the recent cases and the need for a response to every segment of the financial industry,” the official said.
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