Posted March 27, 2013 by Jeremy white in Business

Sudden Cyber-Attack in Banks of South Korea


In South Korea, it is reported that there is a temporary shutdown due to cyber-attack in various computer networks, especially in banks, thus making the government to get in high concern and tension.

As per the statement and report provided from the government’ administration office, it is revealed that president Park Geun Hye has built headquarter in order to deal with various cyber crisis. It is speculated that this attack and outrage can be the job of North Korea. The after effects of sudden computer shutdown massively hit various banking organizations today, including Nonghyup Bank, Shinhan Bank, YTN and Korea Broadcasting System, Munhwa Broadcasting Corp. and more, as disclosed by Shin Hong Sun who is an analyst of the Korean Communication Commission.

This outrage of cyber-attack occurs within a very short time since the election of Park as the president. It is not even one month that Park has been elected as the president of South Korea, the nation that is considered among the largest economies of the world. This blow of computer shutdown came amidst the situation when North Korea is trying to enhance their nuclear weapon issues largely. The regime of Kim Jong Un ignited the enhancement process of atomic devices since the month of February, along with recent threats to US regarding usage of nuclear weapon on the peninsula of Korea.

Though it is really hard to say who is behind this sudden cyber-attack, the suspicion is on North Korea, says Park Coon Sik. Park is a professor at the Seoul Women’s University for cyber security who is also experienced with the government agency that specialized in this security issues. He states that cyber-attack has become an easy tool that North Korea can be using in order to paralyze the national operations without having to spend lot on missiles, nuclear tests and other weapons. He adds that with help of this online attack, they can easily create panic among more public without having to worry about any international approval and sanctions.

With effect of this attack, there is an immediate drop in the stock market of South Korea. The Kospi Index lost 1 percent in comparison to its 0.1 percent decline in the MSCI Asia Pacific Index. There was another slip of 0.5 percent which counts for 1,116.30 against each dollar at Seoul, as per the data compilation provided by Bloomberg. Korea Exchanfe Inc however states that the bond value of South Korea which are due for the year of 2016 rose to 2.60 percent.

In an email, Park Mikyung states that the disruption of the network was the primary aim of this attack. Shin feels that some malware codes are behind this sudden online computer shutdown.

Jeremy white

Jeremy white graduated from the University of Dayton with majors in political science and journalism. Jeremy is our politics and economic policy reporter. Jeremy has also written numerous feature stories for Roll Call and contributed foreign policy pieces, Jeremy has covered nine political conventions, Congress, the White House, the Pentagon and the FCC.