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Korean Banks Forced to Compensate Hacking Victims

Posted by ScuttleMonkey on from the capitalism-at-lawpoint dept.

An anonymous reader writes "A brief story over on Finextra reveals that the Korean government is introducing new legislation that will force banks to compensate customers who have been victimized by identity theft even if the banks are not directly responsible. This action obviously will not stem identity theft but the hope is that this will push banks into security improvements that will make identity theft much harder."

3 of 154 comments (clear)

  1. All too brief... by TripMaster+Monkey · · Score: 4, Informative

    From TFS:
    A brief story over on Finextra...
    'Brief' is right...'skimpy' is the adjective that comes to my mind.

    A much more detailed report on this story can be found at The Korea Times.

    Reading through the above referenced story, two things pop out at me:
    • The investment to build a safe e-banking environment may result in astronomical increases in systems costs given the insecure nature of the electronic commerce infrastructure.
    • The biggest challenge to the banking sector would be how to make home PCs secure. Hackers are increasingly preying on the home PCs, the most susceptible online link of all. Many bank customers tap in from home, often on a computer with little or no security software.

    Given these two paragraphs, this looks like I'm going to be paying higher systems costs because others can't be bothered to practice responsible computing (when this initiative moves out of Korea into the rest of the world, that is...).
    --
    ____

    ~ |rip/\/\aster /\/\onkey

    1. Re:All too brief... by inoffensif · · Score: 4, Informative

      To the parent, thanks for the Herald link.

      There are many factors which are prompting this in SK. I am not a native but I have been residing in South Korea for 2 years.

      -This place is the mecca of broadband internet access. I mean anywhere and everywhere in the country, everyone is connected at speeds that would humble first world nations. Not that SK isn't first world, economically they are, socially it's another story...
      -Everyone and their mother, uncle, step-sister uses IE explorer. Most Korean sites are designed for IE and don't work with any other browser.
      -The networks are dirty, before I had a physical firewall, ZoneAlarm was registering 1000+ intrusion attempts a day on my system.

      Put your average mom and pop who don't know any better, in an online banking situation in this environment, and you are asking for disaster.

      It will probably set a precedent for many online banking SOPs in the west.

      For those idiot western media brainwashed idiots who don't know a thing about Korea, get a clue, nobody gives a damn about eating dogs or even hears about North Korea more than once a month here, just listen to your dear leader dog tell you who to attack next.

      --
      - you are sofa king weed todd did
  2. Schneier likes it by Anonymous Coward · · Score: 5, Informative

    This is exactly what Bruce Schneier has been advocating for a while...here's his take on this story.