Police Deem "Financial Institution Hacking" a Serious Crime, to Notify Investigation Agency

Police have deemed a hacking attack targeting the financial sector a serious crime and decided to notify the Serious Crimes Investigation Agency.

National Office of Investigation at the National Police Agency in Seodaemun-gu, Seoul. Photo by Kang Jinhyeong.

The National Office of Investigation at the Korean National Police Agency said on October 20 that it plans to notify the Serious Crimes Investigation Agency of a recent hacking incident involving a financial institution. It said the decision was made after comprehensively considering the findings of its investigation to date, the results of its legal review, the Financial Services Commission's authoritative interpretation of the law, and the views of the affected financial companies.

Police have expanded the case to include a suspected violation of the Electronic Financial Transactions Act, in addition to the existing suspected violation of the Act on Promotion of Information and Communications Network Utilization and Information Protection. Under Article 2 of the Serious Crimes Investigation Agency Act, violations of the Electronic Financial Transactions Act constitute serious crimes subject to investigation by the agency.

A police official said, "We will conduct a thorough investigation in accordance with the procedures prescribed by law to ensure there are no gaps in the investigation."

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