FSC chairman Lee Eok-won told Korean financial firms they will be held strictly accountable under law if the hacks that hit six lenders happen again. The threat covers future breaches, so for the firms already hit the cost so far is five requests, including security checks and customer compensation.
Reality
- Evidence58
- Adoption
- Insufficient
- Hype gap+25
- Incentives
- Insufficient
- Confidence55
South Korea's Financial Services Commission will block outside access to staff and loan-broker web pages by default after leaks at six firms. Every page a firm keeps reachable now has to be justified as indispensable to services or work.
Reality
- Evidence40
- Adoption
- Insufficient
- Hype gap+10
- Incentives
- Insufficient
- Confidence50
President Lee Jae-myung ordered a full probe of hacks that exposed data at four Korean banks, including about 25,000 Shinhan Bank customers. The response runs through every financial industry association before the probe has shown whether the banks share a weak point.
Perspective Coverage
3 publishers
- Builder
- Builder 20%
- Operator
- Operator 57%
- Investor
- Investor 23%
Reality
- Evidence60
- Adoption
- Insufficient
- Hype gap+20
- Incentives
- Insufficient
- Confidence62
South Korea cut October Treasury bond issuance by 5 trillion won and plans 3.5 trillion won of buybacks as US 10-year yields hit their highest since 2002. Both steps manage supply, so the level of won yields still depends on what US Treasuries do next.
Perspective Coverage
3 publishers
- Builder
- Builder 5%
- Operator
- Operator 33%
- Investor
- Investor 62%
Reality
- Evidence72
- Adoption
- Insufficient
- Hype gap+15
- Incentives45
- Confidence68
FSS Governor Lee Chan-jin proposed a sandbox pilot in which Korean consumer lenders would screen and guarantee bank loans to mid- and low-credit borrowers. Banks would supply the money and the lenders would carry the default risk, in a business Korean law does not yet allow.
Reality
- Evidence45
- Adoption
- Insufficient
- Hype gap+5
- Incentives55
- Confidence50