Seoul: The financial regulator announced its decision to conduct an emergency on-site inspection of Shinhan Card Co., a significant card issuer, following the company's disclosure of a substantial data leak involving its partnered merchant operators.

According to Yonhap News Agency, the Financial Services Commission (FSC) emphasized its commitment to addressing any leaks of personal financial information, such as bank account details. The FSC assured that it would quickly implement follow-up measures in line with relevant laws if such leaks are discovered. The commission also mentioned the possibility of extending the inspection to other financial companies and taking firm actions if any significant security system lapses are identified.

The decision follows Shinhan Card's report of a data breach affecting over 190,000 cases of business and personal data linked to its partnered merchant operators. Shinhan Card clarified that the breach was not a result of hacking but rather linked to employee misconduct aimed at enhancing recruitment performances. The company further stated that the leaked data comprised non-sensitive information, including names, mobile phone numbers, and dates of birth of the merchant operators.