The Financial Supervisory Service (FSS) has expedited its investigation into a data breach at Shinhan Bank, transitioning from an initial on-site inspection scheduled to conclude by the 20th to a full-scale examination. This shift aims to assess potential regulatory violations and internal control responsibilities following the incident.
As of today, the FSS has commenced its on-site inspection related to the Shinhan Bank data breach. Following the incident, the FSS deployed inspection personnel to determine the extent of the data leak, the method of external intrusion, and the circumstances surrounding the breach.
Originally, the on-site inspection was set to continue until the 20th, but the FSS has moved up the timeline to facilitate a quicker resolution regarding the causes of the incident and the responsibilities of the financial institution, especially in light of recent similar breaches in the financial sector and ongoing police investigations.
The on-site inspection focuses on understanding the facts surrounding the incident and system vulnerabilities, while the full-scale examination will officially investigate any regulatory violations and the adequacy of internal controls. If any illegal or improper actions are identified during the inspection, it could lead to subsequent sanctions.
The FSS is expected to scrutinize whether the access processes and authentication procedures for external unauthorized users were properly managed, as well as whether access controls for personal and credit information functioned effectively. The adequacy of the reporting and response processes following the incident may also be included in the inspection scope.
It has been confirmed that unauthorized external individuals accessed customer information by bypassing authentication procedures for certain services at Shinhan Bank. To date, approximately 25,000 individuals' names, phone numbers, CI, annual income, and calculated limits have been identified as compromised.
Based on the results of the on-site inspection, the FSS plans to determine any violations of relevant regulations and the extent of Shinhan Bank's responsibility.
* This article has been translated by AI.
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