Korean banks undergo hundreds of cyber attacks every day

According to the South Korean Financial Services Commission (FSC), South Korean banks have received an average of nearly 600 cyberattacks per day since 2017, with China being the source of the attacks.

According to Yonhap News Agency, according to a recent FSC report released by South Korean parliamentarian Kang Min Cook, 17 South Korean banks received 1,091,606 cyber attacks between 2017 and 2021, with an average of 598 attacks per day. Yes, at least one-third was from China. News agency.

According to the report, FSC data is only for financial institutions that offer retail banking services. Including savings banks, insurance companies, or other financial institutions, the number of recorded cyberattacks is much higher.

According to FSC data, 82.2% of cyberattacks came from foreign IP addresses, of which 34.7% came from China and 11.2% came from the United States. The rest came from India, France and other countries.

The annual number of cyberattacks increased from 63,000 in 2017 to 273,000 in 2021, more than quadrupling in five years.

However, the bank’s internal security system effectively blocked malicious code and isolated the computer network, so the bank did not suffer a meaningful breach despite frequent cyberattacks, the FSC report said. increase.

“We haven’t compromised yet, but cyberattacks are on the rise,” Kang said. “A single breach can result in huge losses. Risks cannot be overlooked.”

Cyber-attacks originating in China are of global concern by FBI Secretary Christopher A. Wray in late January, with more personal data than Chinese state-sponsored hackers combined in all other countries in the United States. He accused him of stealing corporate data. NPR report.

In July 2021, NATO member states, the European Union, Australia, New Zealand, and Japan blamed the Chinese administration for a major cyberattack on Microsoft Exchange email servers earlier that year.



Lisabian is a Korean-based writer of The Epoch Times, focusing on Korean society, its culture and international affairs.

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