From BigGo Finance · BigGo Finance · · 1m
Shinhan Bank Data Breach Exposes 25,000 Customers
Shinhan Bank's security budget dropped 10.4% after exposing 25,000 customers' data.
In brief
Shinhan Bank's security budget dropped 10.4% after exposing 25,000 customers' data. Shinhan Bank had the lowest information security budget among South Korea's five major banks after a data breach exposed 25,000 customers' personal information. Originally reported by BigGo Finance.
Shinhan Bank Data Breach
Shinhan Bank exposed personal information of 25,000 customers in a recent data breach.
“Shinhan Bank, which suffered a hacking incident that exposed the personal information of 25,000 customers, has been found to have allocated the smallest information security budget among South Korea's five major commercial banks.”
Security Budget Drop
Shinhan Bank's information security budget fell 10.4% to 40.591 billion won this year.
“Shinhan Bank's information security budget for this year stands at 40.591 billion won (approximately $30.4 million). It is the only one of the five major banks with a budget below 50 billion won.”
Budget Comparison
KB Kookmin Bank led with 86.075 billion won, followed by NH NongHyup Bank, Hana Bank, and Woori Bank.
“By contrast, KB Kookmin Bank allocated the largest amount at 86.075 billion won (approximately $64.4 million).”
Lowest Security Share
Shinhan Bank had the lowest IT security spending share at 9.1% among the five major banks.
“Shinhan Bank also ranked lowest in the share of information security spending within its overall IT budget at 9.1%.”
Woori Bank's Cut
Woori Bank reduced its security budget by 21.7% year-over-year to 61.566 billion won.
“Woori Bank posted the larger decline, with its budget falling 17.093 billion won, or 21.7%, from 78.659 billion won last year to”
Banks Reviewing Security
Banks are reviewing plans to expand information security budgets after recent data breaches.
“Banks are now reviewing plans to significantly expand their information security budgets next year in the wake of recent incidents.”
What matters most
Shinhan Bank had the lowest information security budget among South Korea's five major banks after a data breach exposed 25,000 customers' personal information.
