Cyberattack damage surfaces

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Cyberattack damage surfaces

Consumer groups have started to receive cases of financial damage from customers affected by the recent cyberattack on banks whose networks were temporarily paralyzed. After compiling and reviewing the cases, consumer groups plan to consider filing a joint lawsuit against the financial institutions.

“We are currently receiving various damage reports from individuals and firms,” the Financial Consumer Agency (FCA) said yesterday. “After reviewing the reports, we plan to negotiate with the financial institutions involved for mediation, and if it doesn’t work out we will consider filing a joint action suit. Companies, in particular, should be more active in reporting damages in order to prevent such inconveniences from happening again.”

On Wednesday, operations of Shinhan, Jeju and Nonghyup banks were disrupted along with broadcasters KBS, MBC and YTN when their computer networks were paralyzed. The cause of the cyberattack is under investigation by police.

Operations resumed within two hours, but many bank customers, including individuals and small- and midsize businesses are known to have experienced inconveniences. The FCA said some customers might not have been able to meet corporate payment deadlines or make personal real estate contract payments.

The Korea Finance Consumer Federation also is receiving damage reports.

“We are currently determining the scale of damage,” said an official from the Financial Supervisory Service. “We will also look into financial institutions to see if they are adequately monitoring their IT security systems. There can never be too much emphasis on financial security.”

By Lee Eun-joo []
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