Lee Chan-jin, head of the Financial Supervisory Service, instructed to prepare procedures to fully compensate for any damages caused by the hacking incident at Lotte Card. Credit card companies are responsible for unauthorized use in the event of hacking or other security breaches under the Act on the Use and Protection of Credit Information.
On the 2nd, Lee said at an executive meeting, "The incident at Lotte Card could amplify consumer anxiety and distrust in the financial market," adding that "preventing consumer damage must take priority, and electronic financial transactions need to be conducted more securely."
Lee also ordered that if financial consumers desire, instructions for easily canceling or reissuing cards should be provided separately on the website to allow them to directly block hacking damage.
Lee stated that the FSS should activate its emergency response system for coordinated responses and thoroughly examine the causes and extent of damages through on-site inspections.
Lee further emphasized that the management of financial firms should recognize deeply that information security must be viewed not merely as regulatory compliance but as a foundation for building customer trust, stating, "We will impose strict penalties for financial security incidents caused by negligence in management."