[2025 National Audit] Lotte Card CEO Cho Jwajin: "Organizational Overhaul Including My Resignation"

National Assembly Committee Hearing
"We Still Do Not Know the Perpetrator"

Cho Jwajin, CEO of Lotte Card, where the personal information of approximately 2.97 million customers was leaked following a hacking incident, stated on October 21, "I am considering not only a complete organizational overhaul, including my own resignation, but also fundamental changes to the organization and governance structure related to information security from the ground up."

Representatives of the three major telecommunications companies and Jo Jwajin, CEO of Lotte Card (second from the left), are attending the National Assembly inspection related to the hacking incident held by the Science, Technology, Information and Broadcasting and Communications Committee at the National Assembly in Yeouido, Seoul on the 21st. From right to left: Kim Youngseop, CEO of KT; Yoo Sangyoung, CEO of SK Telecom; Kim Kwangil, CEO of MBK Partners; Jo Jwajin, CEO of Lotte Card; Hong Beomsik, CEO of LG Uplus. 2025.10.21 Photo by Kim Hyunmin

CEO Cho made this statement while appearing as a witness at the National Assembly inspection conducted by the Science, Technology, Information and Broadcasting Committee, in response to a question from Committee Chairwoman Choi Minhee, who asked, "Are you willing to resign?"

According to an on-site inspection by the Financial Supervisory Service, approximately 200 gigabytes (GB) of data were leaked as a result of the hacking incident. The personal information of about 2.97 million people was compromised, which accounts for one-third of the total membership of 9.6 million.

Among those affected, 280,000 customers are at risk of potential fraudulent card use.

CEO Cho stated, "There is no excuse whatsoever for the fact that customer information was leaked from a financial institution, which should treat such information with the utmost importance," adding, "I feel a grave sense of responsibility."

He continued, "Regarding the plan to invest 110 billion won in information security over the next five years, I promise to establish a plan that can be continuously implemented and reported to the financial authorities, regardless of any changes in CEO or ownership, after obtaining approval from the board of directors."

Regarding some claims that a Chinese hacking group was behind the incident, he replied, "We do not know who the perpetrator is."

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