SGI Seoul Guarantee Confirms Ransomware Attack... Will Fully Compensate Damages

SGI Seoul Guarantee announced on July 15 that it has confirmed the cause of the system failure that occurred on July 14 was a ransomware attack, and stated that it will fully compensate for all damages.

A Seoul Guarantee representative said on this day, "The disruption began with abnormal signs detected in the company's database in the early hours of the previous day," and added, "Through a joint investigation with specialized agencies such as the Financial Security Institute, we confirmed that it was caused by a ransomware attack."

SGI Seoul Guarantee Headquarters Building Exterior. Seoul Guarantee

Seoul Guarantee is currently taking various measures to minimize customer inconvenience. To reduce consumer damages related to jeonse loans and mortgage loans, financial institutions took action the previous day to allow 'loan first, guarantee later' procedures. There were some cases where commercial banks refused new consultations for jeonse loans, so additional discussions were held with the relevant institutions, and now all commercial banks are able to process new consultations for Seoul Guarantee's jeonse loans and mortgage loans as usual.

Regarding mobile phone installment guarantees, Seoul Guarantee also coordinated with the three major telecom companies the previous day to ensure normal service activation.

At each Seoul Guarantee branch and office, staff are manually issuing urgently needed guarantee certificates, such as escrow and bid bonds, for individuals and small businesses, in an effort to minimize customer inconvenience.

A Seoul Guarantee representative stated, "Customer complaints received at each branch are being collected not only at the branch level but also at the headquarters level for prompt processing," and added, "We are doing our utmost to respond to complaints by converting all branches, offices, and the customer support center (call center) into complaint centers."

Seoul Guarantee plans to fully compensate affected customers and companies for damages resulting from this disruption, once the facts are confirmed and the amount of damage is determined. To facilitate this, Seoul Guarantee will operate a dedicated damage report center starting July 16.

Lee Myungsoon, CEO of Seoul Guarantee, said, "The entire company is making every effort to maintain customer trust," and added, "We will take responsible action to compensate for customer damages and will overhaul our security systems to prevent recurrence."