Formal Investigation Launched into Financial Institution Hacking Incident; Police Deploy 28-Member Dedicated Team

[Financial News] Police investigating a recent hacking incident involving a financial institution have launched a formal investigation. They plan to form a dedicated investigation team and closely examine the circumstances of the incident and the extent of the damage.
The National Office of Investigation said on the 6th that it had verified the objective facts surrounding a recent hacking incident involving a financial institution, registered the case on suspicion of violating the Act on Promotion of Information and Communications Network Utilization and Information Protection, and converted it into a formal investigation.
Given the seriousness of the incident, police designated the National Police Agency's Cyber Terror Investigation Unit as the dedicated investigation team. A total of four teams, comprising 28 personnel, will be assigned to the investigation, with the head of the Cyber Terror Response Division serving as team leader.
Police are also reviewing whether the incident is subject to notification to the Serious Crime Investigation Agency.
Under the relevant laws, other investigative agencies must immediately notify the head of the Serious Crime Investigation Agency if, during an investigation, they become aware of a serious crime or a crime prescribed by presidential decree.
There are broadly two types of cybercrime subject to notification to the Serious Crime Investigation Agency: violations of the Act on Promotion of Information and Communications Network Utilization and Information Protection resulting from hacking of national critical infrastructure, and violations of the Electronic Financial Transactions Act resulting from hacking of electronic financial infrastructure.
However, police explained that because the financial institution affected by the incident does not qualify as national critical infrastructure, the case is not subject to notification to the Serious Crime Investigation Agency based solely on the suspected violation of the Act on Promotion of Information and Communications Network Utilization and Information Protection.
The possibility of a violation of the Electronic Financial Transactions Act is being examined further. Police plan to ask the Financial Services Commission (FSC) for an authoritative interpretation of whether the compromised system at the affected financial institution qualifies as electronic financial infrastructure. If it does, the case will be subject to notification to the Serious Crime Investigation Agency.
A police official said, "We will work closely with the relevant agencies and conduct the investigation swiftly and rigorously so that we can ease public anxiety."

[email protected] Kim Ye-ji Reporter