Financial Services Commission Reviews Cyberattacks on Commercial Banks
What happened
The Financial Services Commission is reviewing whether several commercial banks constitute electronic financial infrastructure. The review follows recent full-scale cyberattacks targeting seven financial institutions, including Shinhan Bank, KB Kookmin Bank, and Hana Bank. The police have launched a full-scale investigation into the attacks, which compromised sensitive customer data such as names, phone numbers, and annual income.
From kbs.co.kr
Why it matters
The Commission's determination regarding the banks' infrastructure status will decide if the Serious Crimes Investigation Agency becomes involved in the case. The attacks are being investigated by the Cyber Terror Investigation Unit of the Korean National Police Agency.
From kbs.co.kr
Who's involved
- Financial Services CommissionSouth Korean government agency reviewing the status of targeted financial institutions
- Hana BankOne of the financial institutions targeted by hackers in the cyberattack
- Shinhan BankOne of the financial institutions targeted by hackers in the cyberattack
- KB Kookmin BankOne of the financial institutions targeted by hackers in the cyberattack
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Hana BankSpeculative
Shinhan Bank could face increased operational costs and regulatory scrutiny due to the cyberattack.
- Shinhan BankSpeculative
KB Kookmin Bank could face increased operational costs and regulatory scrutiny due to the cyberattack.
- KB Kookmin BankSpeculative
Hana Bank could face increased operational costs and regulatory scrutiny due to the cyberattack.
How this reaches others
Each traced step by step, with the reporting behind it- How will the review of banks' infrastructure status affect KB Kookmin Bank?KB Kookmin Bank faces regulatory review over cyberattack infrastructure statusReported
- How will the review of banks as electronic financial infrastructure affect Hana Bank?Hana Bank's cyberattack investigation hinges on regulatory classificationReported
- How will the review regarding electronic financial infrastructure affect Shinhan Bank?How will the Financial Services Commission's review of electronic financial infrastructure affect Shinhan Bank?Reported