South Korea orders security checks after Shinhan Bank, KB Kookmin Bank cyberattacks

  • FSC ordered banks and credit card companies to conduct security checks.
  • FSC will promptly collect the results to develop stronger financial-sector cybersecurity measures.
  • Secretary General Shin Jin-chang chaired an emergency meeting on recent data breaches.

South Korea’s Financial Services Commission (FSC, the country’s financial regulator) ordered banks and credit card companies to conduct security checks on Friday after cyberattacks involving Shinhan Bank and KB Kookmin Bank. The FSC said it would promptly gather the results and use them to develop measures to improve cybersecurity (protection against digital attacks) across the financial sector. It also held an emergency meeting chaired by Secretary General Shin Jin-chang to share information about recent data breaches, including their types.

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