South Korean police forward banking cyber-attack cases to Serious Crime Investigation Agency
Police in Seoul will refer recent hacking incidents at dozens of banks and insurers to the Serious Crime Investigation Agency for possible violations of financial and communications laws.
South Korean authorities announced that the National Office of Investigation, part of the Korean National Police Agency, will forward reports of recent cyber intrusions at about 16 local financial institutions to the Serious Crime Investigation Agency (SCIA). The attacks, which occurred earlier this month, leaked around 100,000 pieces of personal data, including email addresses, names and phone numbers. Police are required to notify SCIA promptly for serious crimes and must submit a written notice within three days of the phone alert.
SCIA then has a seven-day window to determine whether to open a formal investigation into possible breaches of the Electronic Financial Transactions Act and the Information and Communications Network Act. The move aims to ensure a coordinated response to the widespread data exposure across banks, savings banks and insurance firms.
Why it matters
The referral could lead to criminal investigations and tighter cybersecurity oversight for South Korea's financial sector.
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