Current conditions and responses on the personal data leak accident

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Below is FSC Chairman Shin Je-Yoon’s comments during FSC and FSS Joint Meeting on Financial Market Conditions held on Sunday, February 2:

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“Situation in the three credit card companies is quickly normalizing as the number of clients requesting to cancel or re-issue credit cards is on a steady decrease. Credit card companies operated call centers and offices during the holidays to relieve client inconvenience. However, the public anxiety still looms large as the personal information issue triggered by the three credit card companies’ data breach has spilled over to overall illegal collection and circulation of personal data problem.

However, we should take this as an opportunity to overhaul the data protection system and old practices of illegally distributing personal details.

Under such recognition, the financial authorities launched a full-scale inspection on financial institutions’ client data protection on January 27. In particular, the authorities temporarily banned financial firms from non face-to-face transactions through telephone or SMS and mandated them to confirm details of loan process in order to root out demands of illegal information.

Regarding concerns over telemarketers’ job insecurity and income deduction, I would like to urge financial firms to prepare and introduce measures to ensure telemarketers’ job and income stability.

The financial authorities will announce detailed measures on the issue in a near future while finding out ways to impose the highest sanctions possible under the current law to the financial firms responsible for further data leak accident. Moreover, we will make sure that no more data leak accidents happen again in the future by closely coordinating with relevant authorities.”

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