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Key Points

A major hacking incident has compromised data from approximately 20 South Korean asset management firms. The Russian-speaking ransomware gang Qilin breached a cloud server used primarily by private equity funds, stealing tax documents and investor information. This marks the latest in a series of cyber attacks targeting South Korea's financial sector, following recent breaches at major companies like Lotte Card. Data shows over 7,000 cybersecurity incidents have been reported in the country since 2020, with small and medium-sized firms being the most vulnerable targets.

Key Points: Qilin Ransomware Gang Hacks 20 South Korean Private Equity Funds

  • Russian-speaking Qilin gang breached cloud server used by private equity funds
  • Hack exposed tax documents and investor personal information
  • Financial authorities monitoring but no credit leaks reported yet
  • Incident follows Lotte Card breach affecting 3 million customers
  • Over 7,000 cybersecurity cases reported in South Korea since 2020
  • Small and medium firms accounted for 82% of all breach cases
2 min read

Data from 20 private equity funds leaked in hacking attack in S. Korea

Russian-speaking hackers breach cloud server, leaking investor data and tax documents from 20 asset management firms in latest South Korean financial sector cyber attack.

"The leaked data include the firms' tax-related documents, employee data and personal information of their investors. - Qilin ransomware gang"

Seoul, Sep 22

Data from around 20 asset management firms in South Korea were breached in a hacking incident earlier this month, industry sources said on Monday.

A cloud server maintained by an IT subcontractor and used mostly by local small and medium-sized private equity funds was hacked by the Russian-speaking ransomware gang Qilin, according to the sources, reports Yonhap news agency.

Qilin claimed that the leaked data include the firms' tax-related documents, employee data and personal information of their investors.

Financial authorities said they have yet to receive any reports of credit information leaks that could lead to monetary damage. They added they were aware of the data breach in advance and have been monitoring the situation.

The incident is the latest in a series of massive cyber breach cases in the financial sector. Earlier, Lotte Card Co., the country's fifth-largest card issuer, had suffered a data leak affecting some 3 million customers in a hacking attack.

Meanwhile, over 7,000 cases of data breaches have been reported by companies in South Korea over the past six years, data showed, raising concerns over the country's cybersecurity amid a recent string of hacking attacks against telecom and financial firms.

A total of 7,198 cases of cybersecurity threats were filed with authorities between 2020 and last Sunday, according to data submitted to Rep. Hwang Jung-a of the ruling Democratic Party.

The number of cases stood at 603 in 2020 and climbed slightly to 640 in 2021 before nearly doubling to 1,142 in 2022, reports Yonhap news agency.

In 2023, a total of 1,277 cases were reported, followed by 1,887 in 2024 and 1,649 so far this year.

Small and medium-sized firms reported 5,907 such cases, accounting for 82 percent of the total, followed by mid-sized firms at 592 cases, and conglomerates at 242 cases. Nonprofit organisations also reported 457 cases, according to the data.

—IANS

- IANS

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Reader Comments

P
Priya S
Russian hacking groups are becoming too bold. Indian financial institutions should learn from this and invest more in cybersecurity infrastructure. Prevention is better than cure!
A
Arjun K
Small and medium firms are most vulnerable everywhere. In India too, we need to provide affordable cybersecurity solutions for smaller businesses. 82% of cases from SMEs is alarming! 😟
S
Sarah B
As someone working in finance, this is terrifying. Investors' personal information being leaked can lead to serious fraud. Companies need to be held accountable for data protection failures.
V
Vikram M
The numbers are shocking - over 7000 cases in 6 years! This shows cyber threats are increasing exponentially. Indian regulators should take note and strengthen our defenses.
M
Michael C
While the authorities say no monetary damage yet, the reputational damage is done. Trust in financial institutions takes years to build and minutes to destroy. Hope Indian companies are watching and learning.

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