“The strength of security lies in the basics”: Woori Bank identifies cybersecurity talent through simulated hacking

[Financial News] Woori Bank has teamed up with the Financial Security Institute to hold a simulated hacking contest and seek out future talent in financial security. The initiative aims to strengthen the fundamentals of financial security by testing for vulnerabilities in Woori Bank’s financial services while also developing young information security talent.
According to financial industry sources on the 29th, Woori Bank and the Financial Security Institute held the awards ceremony for the sixth WooriCON simulated hacking contest at Woori Bank’s headquarters in Jung-gu, Seoul, on the 28th.
WooriCON is a simulated hacking contest launched by Woori Bank in 2021, the first of its kind in the banking sector, and this year marked its sixth edition. It has become a leading financial-sector security contest that develops young information security talent and helps them find jobs. This year’s contest ran for two weeks starting on the 7th of last month, with 40 teams and 109 university and graduate students taking part. Participants tested their skills in a “bug bounty” format—a program that rewards reports of security vulnerabilities—by identifying security vulnerabilities and hacking risks in Woori Bank’s internet banking and Woori WON Banking.
A judging panel made up of security experts from the Financial Security Institute, white-hat hackers, and information security professors assessed the vulnerabilities’ severity and impact, as well as creativity, and selected four teams for the Grand Prize, Excellence Award, Merit Award, and Encouragement Award.
“No matter how sophisticated hacking methods become, the ability to prevent financial incidents ultimately comes from being faithful to the basics,” Woori Bank President Jung Jin-wan said. “Woori Bank will provide financial services that customers can use with confidence through security that upholds the basics, and will continue to support WooriCON so that it becomes a gateway for young people who will lead financial security.”

[email protected] Lee Hyun-jung Reporter