Mirae Asset Life Insurance Inspection Drags On; Financial Supervisory Service Cautious About Finalizing Scale of Damage

[Financial News] The Financial Supervisory Service (FSS) is expected to extend its on-site inspection of Mirae Asset Life Insurance, the first insurer confirmed to have suffered a hacking incident. The scope of the personal information leak has grown beyond what was initially understood, and with the possibility of further harm coming to light, the FSS is being cautious about determining its full extent.
According to financial industry sources on the 4th, the FSS is continuing its on-site inspection without notifying Mirae Asset Life Insurance of a specific end date. The company is allowing for the possibility that the inspection could last more than two weeks. The inspection had initially been scheduled to run through the 30th of last month, but has been extended once.
Financial industry observers believe that, as in the case of KB Kookmin Bank, the FSS is wary of having to bear the burden of an inadequate inspection if additional cases emerge after it announces the extent and details of the damage. Kookmin Bank reported a personal information leak affecting 119 people following a hacking incident on the 2nd of last month, then confirmed and announced an additional 2,091 people on the 26th, 24 days later.
A financial industry source said, “At this point, caution is more important than speed,” adding, “If the inspection results are announced hastily and something that was missed comes to light later, questions could even arise about the authorities’ responsibility.”
The FSS will also have to take a comprehensive look beyond technical checks to internal control systems and response procedures, given that FSS Governor Lee Chan-jin raised the issue of CEO accountability for personal information leaks at securities firms, insurers and other companies at an executive meeting on the 3rd. There is also the possibility that the inspection could be converted into a formal examination if regulatory violations are found.
Mirae Asset Life Insurance has also uncovered new cases of leaked information, so it plans to reach a final conclusion only after verification is complete. It is continuing to check whether there are leaks it has not yet identified, but has not been able to determine the final scope.
After announcing on the 28th of last month that customers’ personal information—including names, resident registration numbers, mobile phone numbers, email addresses, physical addresses, linkage information (CI) and account numbers—had been leaked, Mirae Asset Life Insurance additionally confirmed the leak of retirement pension transaction information.
The second round likewise included resident registration numbers and dates of birth, copies of driver’s licenses, bank names, account numbers, account holders and signatures, as well as retirement income tax withholding receipts, payment statements and information related to copies of bankbooks.
A compensation plan for those affected is also unlikely to be announced right away. Mirae Asset Life Insurance says it can prepare a damages compensation plan after identifying who was affected and the scale of the damage. For now, it only advises that “if you suffer harm due to a personal information leak or similar incident, you may file a lawsuit seeking damages and statutory damages under the Personal Information Protection Act.”

[email protected] Kim Tae-il Reporter