S Korea to probe financial networks

security and data protection systems throughout the financial sector to calm public concerns in the aftermath of recent network-related incidents, reports Reuters.

The move follows a massive security breach at Hyundai Capital, Hyundai Motor Group's consumer finance unit, and a computer network malfunction at local bank Nonghyup.

The Financial Services Commission (FSC) said in a statement it would create a government-civilian taskforce to begin checks this month.

The authority will check the security of financial institutions' IT systems from late April for a month while forming a taskforce to prevent further failures, writes The Korea Times.

The Bank of Korea (BOK) hosted an emergency meeting of its monetary policy committee the same day to vote on whether to investigate Nonghyup, the National Agricultural Cooperative Federation, with the FSC.

The central bank is going to examine the possibility of the glitch in Nonghyup's IT system affecting the BOK's own computer network and settlement system.

“A written investigation into the computer security systems of all financial institutions is now underway,” the FSC said, states Yonhap News Agency.

Following the investigation, a taskforce will be formed to conduct on-spot inspections of some financial companies for a month, the FSC added.