KCB Fined 20 Million KRW for 'Violations of Electronic Financial Transaction Safety' and One Executive Warned

[Asia Economy Reporter Kwangho Lee] Korea Credit Bureau (KCB) was sanctioned with a fine of 20 million KRW for violating the obligation to ensure the safety of electronic financial transactions and for failing to implement network separation of its information processing system.

According to the financial sector on the 19th, the Financial Supervisory Service recently detected these issues during an inspection of KCB and imposed a fine along with a warning to one executive.

KCB operated a public web server for services that query personal credit information, storing and managing user information included in some transaction logs without encryption. It was also found that business terminals and systems connected to the internal communication network were operated while linked to external communication networks.

Additionally, KCB was ordered to strengthen the verification and monitoring of credit evaluation models for individual business owners and to expand audit functions to enhance internal controls. Two management cautions and seven improvement measures were also imposed.

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