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Not long ago we heard about Target breach and Neiman marcus . This time its about massive data breach from South Korea. Credit card details from almost half of all South Koreans have been stolen and sold to marketing firms. As per the reports, the data was stolen by a contractor working for Korea Credit Bureau. Korean banks appears to have been compromised by a third-party worker, facts that underscore the wide variety of threats facing consumers.
Nearly half of the entire country’s population have their credit/debit card data stolen, as per the statements from the regulator confirmed on Sunday.The names, social security numbers of S Koreans, phone numbers, job details and the credit card numbers and their expiry dates have been stolen.
The Financial Services Commission of South Korea’s financial regulator, said to BBC News that : “The credit card firms will cover any financial losses caused to their customers due to the latest accident.”
Seoul, S Korea launched a investigation to see how six South Korean financial firms, including KB Kookmin Card, Lotte Card, and NH Nonghyup Card shared the information on cardholders and manage their security. The photos above shows senior executives of three credit card issuers bowing an apology, as they promised to take legal and moral responsibility for failing to secure the confidential data of their clients.
Reports said that heads of the financial companies were offering to resign en masse as the regulators promised stern punitive measures for all the institutions responsible.
More details can be found here