Woori Bank Enhances Security Through Mock Hacking Competition

Woori Bank has assessed security vulnerabilities and hacking risks through a mock hacking competition.

On October 28, Woori Bank and the Financial Security Institute held the awards ceremony for the 6th Mock Hacking Competition, 'WooriCon,' at Woori Bank's headquarters in Jung-gu, Seoul. WooriCon is the first competition of its kind initiated by a bank in 2021.

A total of 40 teams, comprising 109 university and graduate students, participated in the competition, which ran from September 7 to 18. Participants competed in a bug bounty format, identifying security vulnerabilities and hacking risks in Woori Bank's internet banking and Woori WON banking systems.

Security experts from the Financial Security Institute and professors from information security departments evaluated the teams based on risk, impact, and creativity, selecting four winning teams. The winners received a total prize of 4.6 million won and preferential treatment in the document review process for job applications to Woori Bank's Tech division and the Financial Security Institute.

Jeong Jin-wan, CEO of Woori Bank, stated, "No matter how advanced hacking techniques become, the ability to prevent financial incidents ultimately comes from adhering to the fundamentals. We will provide financial services that customers can use with confidence through robust security measures that uphold these fundamentals."