South Korean Credit Rating Bureau Experiences Data Breach of Twenty Million Personal Details


Port Talbot, Wales -- (SBWIRE) -- 01/29/2014 -- Over recent months there have been numerous high profile data breach’s, from governments spying on members of society to retail chains getting hacked. In addition to this an employee from personal credit rating firm Korea Credit Bureau (KCB) is said to have exposed personal details of over 20 million South Koreans in a country where the population is of around 50 million.

The perpetrator was working as a temporary consultant at the firm and is believed to have taken the confidential information and sold it onto phone marketing companies, but has now been arrested.

Managers at the marketing companies who allegedly bought the data were arrested also, however there are fears that the information may have fallen into the hands of financial scammers.

Following the breach a string of senior executives at three credit card firms offered to resign on Monday and held their heads in shame during a public apology.

South Korean regulators told reporters on Monday that the stolen information from all three of the credit card companies was not encrypted, however after a major security firm were able to withdraw a government standard encryption algorithm back in September 2013 this highlights the issue to whether encryption is an adequate enough measure to keep personal data secure during its life and certainly questions it’s sustainability through life.

This incident highlights the risks of poor asset management security policies and procedures, which happens to be the 2ndincidentin only a few years in South Korea, along with similar reports every month reported globally.

With investment being placed into through- life information security and asset management, the end of life asset disposal process has similar risks, but often with very little thought or investment. A successful method in which can prevent disclosure of personal information is Tabernus certified data erasure.

Tabernus provide certified data erasure software and hardware products used by organizations and companies of all sizes, to completely remove data from hard drive storage devices providing companies with confidence and assurance that their data is secure.

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