South Korean Bank Reports Customer Data Breach
Shinhan Bank said the breach exposed information including customers’ names, phone numbers and annual income. The bank said the incident was identified a day before authorities began an on-site investigation.
South Korea’s Financial Supervisory Service launched an inspection at Shinhan Bank on Thursday to examine the circumstances surrounding the breach, assess the extent of the exposure and determine whether additional measures are required.
Shinhan Bank said it had taken “emergency steps to minimize potential damage from the leak.”
The incident comes as South Korea continues to deal with a series of personal information breaches affecting both businesses and consumers. Authorities recently strengthened penalties for organizations or individuals found responsible for large-scale data leaks.
Under revisions to the country’s Personal Information Protection Act, companies responsible for exposing personal information belonging to at least 10 million people could face fines equivalent to as much as 10% of their total revenue.
South Korea has also taken action against companies over previous data breaches. In July, the country’s Personal Information Protection Commission imposed a fine of about 54 billion won ($37.43 million) on telecommunications company KT Corp. over the exposure of customer information between 2024 and 2025.
The scale of data breaches in South Korea has raised wider concerns about the protection of personal information. Reports indicated that approximately 48 million people were affected by personal data breaches in the country last year, with the majority of incidents occurring in the private sector.
Concerns also extend beyond personal information to the protection of sensitive industrial technology. Between 2021 and 2025, South Korea’s intelligence authorities identified more than 100 cases involving industrial technologies being leaked overseas.
Government data submitted to parliament showed that 107 cases were identified during the period, with semiconductor-related technology accounting for nearly 40% of the reported leaks.
The latest banking incident is therefore part of broader concerns in South Korea over cybersecurity, personal information protection and the security of strategically important technologies.
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