Security News > 2011 > April > 'Banks unaware of data outsourcing risks'

http://www.koreatimes.co.kr/www/news/biz/2011/04/123_85363.html By Kim Tong-hyung Korea Times 04-17-2011 Korea, a country fascinated with e-this and e-that, touts itself as the planet’s information technology (IT) capital. But the self-awarded title is beginning to look ironic as the ineptitude of banks and other financial companies in cyber security has customers wondering whether their money will be safer in a shoebox. The alarm over information protection has been growing after the financial sector was rocked by a series of network-related incidents that exposed financial companies’ vulnerability to cyber criminals and their lax approach to data management. A massive security breach at Hyundai Capital, the consumer finance unit of auto giant Hyundai-Kia Automotives, compromised the data of more than 420,000 customers, including 13,000, who had their passwords stolen. And many of the 30 million customers of NH Bank, the financial services unit of the National Agricultural Cooperative Federation, or Nonghyup, were prevented from online and automated teller machine (ATM) transactions for more than four days after the company’s computer network crashed. [...]

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http://www.koreatimes.co.kr/www/news/biz/2011/04/123_85363.html