Aftermath of National Intelligence Resources Management Institute Fire Continues
Disruptions to Some Financial Services Expected to Persist for Now
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 fire-damaged lithium-ion battery into a fire water tank. Photo by Yonhap News
Financial authorities announced that, as of September 28, some financial services have still not been restored due to the fire that broke out in the data center of the National Intelligence Resources Management Institute (NIRM) on September 26. They pledged to make every effort to minimize inconvenience for the public.
The Financial Services Commission and the Financial Supervisory Service held a second emergency response meeting regarding the NIRM fire with financial sector representatives at the Seoul Government Complex in Sejong-ro, Seoul, on the afternoon of September 28. The meeting was chaired by Vice Chairman Kwon Daeyoung of the Financial Services Commission, and attended by Lee Sehoon, Senior Deputy Governor of the Financial Supervisory Service, as well as representatives from related organizations such as the Korea Exchange, Korea Financial Telecommunications & Clearings Institute, Korea Securities Depository, and officials from the banking, insurance, and securities sectors.
The authorities explained that, due to the fire: ▲ it has become difficult to verify resident registration cards, so alternative identification such as a driver's license may be required for procedures like opening new accounts; ▲ automated administrative information submission (public MyData), which is necessary for financial transactions, is restricted, so separate document submissions may be requested; and ▲ some financial services related to Korea Post, where a system failure occurred, such as automatic transfers, may be disrupted.
In addition, it was reported that markets closely linked to administrative information, such as the emissions trading market (connected to the Greenhouse Gas Inventory and Research Center) and online payment services (connected to dBrain), can be operated normally in accordance with the restoration of the respective systems.
The Financial Services Commission explained that, in response to this incident, it has elevated its response system to the "Central Accident Handling Headquarters" (headed by the Chairman of the Financial Services Commission).
Vice Chairman Kwon Daeyoung stated, "Especially in difficult times, financial companies must prioritize minimizing consumer inconvenience and do their utmost to ensure there are no issues at the field level. Please demonstrate a prompt and flexible response to any unexpected incidents as part of your business continuity planning."
He added, "The Financial Services Commission and the Financial Supervisory Service will remain vigilant until the situation stabilizes and will thoroughly manage the stable provision of financial services. We will also consider applying flexible measures, such as non-action letters, so that financial companies taking proactive steps to protect consumers do not face disadvantages afterward."
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