Five South Korean bank chiefs to face parliamentary questions over cyberattacks
The heads of five major banks are due before lawmakers on October 19 after attacks that exposed customer and employee information at three lenders.
The heads of five major South Korean banks are scheduled to face parliamentary questions in Seoul on October 19 over cyberattacks and the exposure of personal information at three lenders, The Korea Herald reported. The hearing will put the banks’ security responses before lawmakers while the Financial Supervisory Service investigates the incidents and internal controls.
The National Assembly’s National Policy Committee voted on October 8 to summon KB Kookmin Bank CEO Lee Hwan-ju, Shinhan Bank CEO Jung Sang-hyuk, Hana Bank CEO Lee Ho-sung, Woori Bank CEO Jung Jin-wan and NH NongHyup Bank CEO Kang Tae-young as witnesses at an audit of the regulator. Yonhap News Agency also reported that the five chiefs are due to appear on October 19 and are expected to face questions about how the breaches happened, their banks’ responses and management responsibility.
What the banks disclosed about the attacks
Shinhan had the largest disclosed breach, affecting about 25,000 customers, according to The Korea Herald. The outlet reported that a leak at KB Kookmin involved 119 people, comprising 99 customers and 20 employees, while a Hana Bank leak affected 89 customers. Woori and NH NongHyup also faced attacks, but those incidents did not result in data breaches, it reported.
Shinhan earmarked 40.59 billion won for information security this year, down 10.4 percent from a year earlier, The Korea Herald reported, citing Financial Supervisory Service data released by lawmaker Park Dae-chul. It was the only one of the five banks to allocate less than 50 billion won, a figure likely to draw scrutiny because Shinhan reported the largest breach.
Questions facing the bank chiefs on October 19
It will be the first parliamentary audit since 2022 at which all five major bank chiefs have been summoned, according to The Korea Herald. That earlier appearance focused on embezzlement and failures in internal controls. This time, lawmakers are expected to examine security measures and the banks’ handling of the attacks.
Yonhap reported that the chiefs were preparing their responses over the weekend. It said banks hoped their appearance could lead to regulatory improvements, while expressing concern that inaccurate information might heighten customer anxiety.
The Financial Supervisory Service is investigating the incidents and the banks’ internal control systems, The Korea Herald reported; its findings have not been released. All five chiefs’ terms expire on December 31. The investigation’s findings could affect decisions on their reappointment, but those decisions remain open.
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Sources and context
- Top bank chiefs face grilling over cyberattacksThe Korea Herald
- 5대 은행장 '해킹 국감'…정보유출 해명에 신뢰 회복 숙제Yonhap News Agency
AI-assisted article checked against the listed sources. NewsJaws did not conduct interviews or attend the reported events.