Financial institutions bolster security measures against possible hacking from the North

Financial institutions bolster security measures against possible hacking from the North

November 8, 2019 0 By Kody Olson


The South Korean financial sector is also
on high alert against a potential large-scale cyber attack by North Korea, although financial
and intelligence officials say there haven’t yet been any damage to the greater public.
Seoul’s financial authorities have opened up emergency check ups across major institutions,
while private banks have bumped up their own security measures.
Oh Soo-young reports. South Korea’s banking sector is bolstering
security measures to safeguard internal networks in the face of potential cyber attacks from
North Korea. The South Korean Financial Supervisory Service
said Wednesday that it has launched emergency data system check-ups across 16 major financial
institutions in the country. A group of IT specialists will evaluate whether
defensive measures are soundly in place. “Most security breaches are caused by malicious
coding,… so we need to make sure that antivirus software is up to date and can detect any
suspicious IP addresses… ” Aside from governmental efforts, private banks
have also been enhancing protective measures, following the North’s nuclear test in January
and its rocket launch last month…. Most banks have enforced in-house monitoring
systems around the clock and installed extra data protection programs in internal networks.
With these measures, financial authorities hope to diminish the chances of North Korean
hackers infiltrating into their systems. “As of now, online network monitoring, antivirus
software updates as well as internal network control are sufficiently being enforced…
So rather than implement new measures, it’s a matter of ensuring the current system is
upheld.” However, the expert added that additional
efforts are needed to protect banking information on an individual scale,… especially when
shopping or transferring money online. Keeping antivirus software updated and avoiding
the use of WIFI networks when carrying out bank transactions online… are some of the
steps recommended by financial security experts. To discuss further countermeasures against
possible cyber attacks on the financial system, the country’s financial authorities will convene
at a meeting on Thursday. Oh Soo-young, Arirang News.