Ahead of Monday, September 29, Business Resumption
Group Chairmen and Bank Presidents Lead Meetings
Major Financial Groups Establish Company-wide Emergency Response Systems
On the night of the 27th, at the fire scene of the National Intelligence Resources Management Institute in Yuseong District, Daejeon, a firefighter is placing a burnt lithium-ion battery into a fire water tank. Photo by Yonhap News.
The fire at the National Information Resources Service has paralyzed government work systems, causing a ripple effect in the financial sector. As essential identity verification services for financial business were disrupted, major financial groups established emergency response systems and launched all-out efforts to prepare for the start of business on Monday.
As of September 28, the mobile banking apps of major commercial banks, including KB Kookmin, Shinhan, Hana, and Woori, are experiencing difficulties with government-related services such as identity verification for resident registration cards and the National Wallet. In addition, disruptions in the government's My Public Data service have led to the suspension of some general credit loans at banks that rely on this data.
In response, the four major financial groups-KB Kookmin, Shinhan, Hana, and Woori-have activated their crisis response systems. KB Financial Group, led by Chairman Yang Jonghee, has set up a non-face-to-face emergency response meeting system to monitor the situation and is checking real-time status updates. A KB Financial Group representative stated, "Each affiliate, including the bank, securities, card, capital, and insurance divisions, is working to provide alternative solutions."
Shinhan Financial Group also plans to respond quickly to customers whose work could not be processed due to the fire, starting from the opening of branches and call centers on September 29. The group has convened a meeting chaired by the Chief Risk Officer (CRO) and, together with key affiliates such as the bank, card, securities, and savings bank, has established a monitoring system to check the real-time situation. In addition, the group has strengthened its emergency information security system to immediately block external hacking attempts that may exploit the chaos, implementing measures to prevent financial accidents and stabilize financial services.
Woori Financial Group has also activated an emergency response system at the group level. Centered on its Crisis Response Council, Woori Financial Group has checked the system impact according to established manuals. To prepare for potential delays in IT restoration, the group has completed supplementary procedures focused on branches and has made emergency IT development preparations. Before the start of business on September 29, they plan to review the status of customer services through another meeting. A Woori Financial Group representative said, "We are focusing on minimizing damage by providing alternative solutions and continuing a company-wide response."
Hana Financial Group has also immediately activated its group-level emergency response system and established real-time monitoring. In particular, Hana Bank has formed a 'National Information Resources Response Task Force' led by the bank president to assess the impact of the fire on each line of business. A Hana Financial Group representative said, "We have prepared an emergency response system, including response manuals for all employees, to ensure readiness for the start of business on Monday."
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