Financial Authorities Impose Fine and Executive Warning on Naver Financial for 'Network Separation Violation'

Fine of 23.6 Million Won Imposed

[Asia Economy Reporter Kim Jin-ho] Naver Financial was sanctioned by financial authorities for violating the obligation to ensure the stability of electronic financial transactions, including not implementing network separation.

According to the financial sector on the 15th, the Financial Services Commission imposed a fine of 23.6 million KRW on Naver Financial and issued a warning to three executives. The causes were insufficient safety of electronic financial transactions, violation of computer record alteration, and failure to notify customers of changes to electronic financial transaction terms.

Electronic financial service providers are required to separate and block internal and external communication networks and prohibit access. However, Naver Financial was caught operating some internal business systems connected to the internal communication network in a state accessible from all company internet terminals.

It was also pointed out that the information processing system, which stored data query contents for the entire database, was operated without blocking internet access. Additionally, changing the terms and conditions and implementing them without notifying customers at least one month before the effective date was also problematic.

This content was produced with the assistance of AI translation services.