[2025 Audit] Lotte Card CEO Jo Jwajin: "Information Security Investment Plan to Be Reported to Board by Year-End"

Political Affairs Committee Audit Held on the 14th
Kim Byungjoo, Chairman of MBK: "Social Responsibility"

Jo Jwa-jin, CEO of Lotte Card, stated at the National Assembly’s Political Affairs Committee audit held on October 14 at Yeouido, Yeongdeungpo-gu, Seoul, "By the end of the year, I will officially report the information security investment plan to the board of directors as a separate agenda item."

Jo Jwa-jin, CEO of Lotte Card (left), appeared as a witness at the National Assembly’s Political Affairs Committee audit on the Fair Trade Commission, Personal Information Protection Commission, and others held on the 14th at Yeouido, Yeongdeungpo-gu, Seoul, responding to lawmakers' questions. The second from the left is Kim Byung-joo, Chairman of MBK Partners. Photo by Yonhap News Agency

Jo had previously announced plans to invest 110 billion won in information security over the next five years. He also said that if it is confirmed that damages have occurred due to a cyber breach, the company will provide full compensation.

In response to a question from Assemblyman Park Sanghyuk of the Democratic Party of Korea, who asked, "What will happen to information security investments after your term ends in March next year?" Jo replied, "We are currently developing a related plan and receiving specific consulting," and added, "I will officially report it to the board of directors as a separate agenda item by the end of the year."

Kim Byung-joo, Chairman of MBK Partners, the parent company of Lotte Card, who was also present, answered "Yes" when asked, "Are you completely uninvolved in the decision-making of Lotte Card and Homeplus?"

When asked, "Do you believe you bear any responsibility for the Lotte Card incident?" Chairman Kim responded, "I will fulfill my social responsibility," and added, "Since it is my company and my society, I believe I must take social responsibility."

Jo explained that after the hacking attack on August 14, it took 17 days to fully understand the situation, but it was not a case of being aware and failing to respond.

In response to a question from Assemblyman Kim Jaeseop of the People Power Party, "Why did you not inform customers for more than 17 days after becoming aware of the facts?" Jo answered, "I became aware of it at 6 p.m. on the 17th of last month, and the next day, the 18th, we notified customers and then held a press conference."

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