The top 20 computer failures had an execution rate of 69.6%
Woori Bank had 53.8% and Kookmin Bank had 58.1%
Seven financial companies reduced their budgets this year
Although hacking accidents and computer failures are continuing in the financial sector, the execution rate of the information protection budget of the top financial companies with computer failures last year was less than 70%. Seven of the 20 places surveyed also reduced related budgets this year.
Park Sung-hoon, a member of the National Policy Committee of the National Assembly, analyzed the data submitted by the financial authorities on the 10th and found that the execution rate of the information protection budget of the top 20 financial companies with computer failures last year was 69.6%.
Of these, 11 did not execute 80% of the budget.
The execution rate of major banks was also low. Woori Bank recorded 53.8%, which was only half of the program, while Kookmin Bank and Suhyup Bank recorded 58.1% and 60.7%, respectively.
In the midst of poor budget execution, some financial companies have even reduced the amount of this year’s programming. Woori Bank set this year’s information protection budget at 61.56 billion won. The decrease was 21.7% lower than last year’s 78.659 billion won, the largest decrease among the survey subjects.
Citibank Korea decreased 18.0% from 8.89 billion won last year to 7.297 billion won this year. Shinhan Bank also cut 10.4 percent from 45.294 billion won to 40.59 billion won.
Hanwha Life Insurance cut its information protection budget by 2.8 percent, Korea Development Bank by 2.2 percent, K-Bank by 1.7 percent and Standard Chartered Bank of Korea by 0.9 percent.
Critics point out that financial companies that manage customers’ assets and personal information have not executed enough security budgets, and some should check the status of security investments by reducing the amount of money they set aside. Financial authorities should also closely examine not only budgeting but also actual execution and improvement of vulnerabilities.
Rep. Park said, “While the public’s financial information is exposed to attacks by hackers, financial companies have not even executed security budgets properly, and financial authorities have been criticized for remaining in a perfunctory inspection.”
“We should not come up with belated measures every time an accident occurs, but we should check the status of security investment and vulnerability management, and clarify the responsibilities of financial companies and supervisory authorities that have been confirmed to be poor in management,” he stressed.
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