South Korea Financial Agency Hit by Cyberattack

South Korea’s Financial Security Institute has suffered a cyberattack that exposed roughly 300 personal information records belonging mainly to financial institution employees, according to CryptoNews. The breach occurred less than two weeks after cryptocurrency exchange Bithumb reported a separate security breach.

Authentication Flaw Exploited

According to a November 11 report cited by CryptoNews, hackers impersonated an official from the Financial Supervisory Service and exploited weaknesses in an authentication system to gain unauthorized access to the institute’s records. The attackers targeted the Continuous Evaluation Support System, an online platform used by financial companies to submit documents and undergo information security assessments.

Investigators found that the hackers exploited a temporary access page intended for situations where SMS authentication was unavailable. The alternative access route bypassed standard verification processes, allowing unauthorized entry through an account with financial regulator permissions. The attackers reportedly used more than 100 different IP addresses to avoid detection.

Investigations and Impact

The institute discovered the intrusion on November 9 and subsequently blocked access to the affected system. Preliminary findings indicate that information associated with more than 40 financial companies was compromised, including roughly 300 personal information records containing names and dates of birth, 200 administrative forms, and approximately 350 system user records.

Authorities launched an investigation into the attack, with police receiving technical information on November 10. Financial regulators began an on-site inspection the following day to examine the institute’s security arrangements. The institute stated that the compromised platform did not store sensitive network configurations, vulnerability assessment results, or customer credit information.

Key facts

• Roughly 300 personal information records were exposed in the cyberattack.
• Information associated with more than 40 financial companies was compromised.
• Hackers impersonated a Financial Supervisory Service official to access the system.
• The intrusion was discovered on November 9, prompting the institute to block access to the affected system.