Did Data from 20 Private Equity Funds Get Leaked in a Hacking Attack in South Korea?
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Synopsis
In a shocking breach, data from 20 private equity funds in South Korea has been compromised. This incident sheds light on the vulnerabilities in the financial sector, raising alarms about cybersecurity measures. With hacking incidents escalating, can the nation safeguard its financial integrity?
Key Takeaways
- 20 asset management firms affected by hacking.
- Data breached includes tax and employee information.
- Qilin ransomware group claimed responsibility.
- Authorities are monitoring the situation.
- Over 7,000 data breaches reported in South Korea in recent years.
Seoul, Sep 22 (NationPress) Information from approximately 20 asset management companies in South Korea was compromised during a hacking event that took place earlier this month, as reported by industry insiders on Monday.
A cloud server operated by an IT subcontractor, primarily utilized by local small to medium-sized private equity funds, was infiltrated by the Russian-speaking ransomware group Qilin, according to sources, as detailed by the Yonhap news agency.
Qilin has asserted that the compromised data encompasses tax-related documents, employee information, and personal details about investors.
Financial authorities have indicated that they have not yet received notifications of any credit information breaches that could result in financial harm. They also mentioned that they were aware of the data breach beforehand and have been actively monitoring the situation.
This incident marks the latest in a series of significant cyber breaches within the financial sector. Previously, Lotte Card Co., South Korea's fifth-largest card issuer, experienced a data leak that impacted around 3 million customers.
Moreover, more than 7,000 instances of data breaches have been reported by companies in South Korea over the last six years, according to data, raising alarms regarding the nation’s cybersecurity in light of a recent wave of cyberattacks on telecom and financial entities.
A total of 7,198 cases of cybersecurity threats were documented with authorities between 2020 and last Sunday, based on data submitted to Rep. Hwang Jung-a of the ruling Democratic Party.
The reported cases numbered 603 in 2020, increased slightly to 640 in 2021, and nearly doubled to 1,142 in 2022, as reported by Yonhap news agency.
In 2023, there were 1,277 cases reported, followed by 1,887 in 2024, and 1,649 thus far this year.
Small and medium-sized firms reported 5,907 such incidents, making up 82 percent of the total, with mid-sized firms at 592 cases and conglomerates at 242 cases. Nonprofit organizations also reported 457 cases, according to the data.
Point of View
It is crucial for financial institutions to bolster their cybersecurity measures. The recent incident involving private equity funds serves as a reminder of the vulnerabilities within our systems. Our responsibility is to ensure that such breaches do not compromise the trust of the public and investors in our financial institutions.
NationPress
22/09/2025
Frequently Asked Questions
What happened in the recent South Korean data breach?
Data from 20 asset management firms was compromised in a hacking incident involving the ransomware group Qilin.
What type of data was leaked?
The leaked data includes tax-related documents, employee information, and personal details of investors.
How are authorities responding to the breach?
Financial authorities are monitoring the situation and have not reported any credit information leaks that could lead to monetary damage.
What is the scale of cyber breaches in South Korea?
Over 7,000 data breaches have been reported in South Korea over the past six years, highlighting serious cybersecurity concerns.
What can companies do to enhance cybersecurity?
Companies should implement stronger cybersecurity measures, conduct regular audits, and provide employee training to mitigate risks.
