South Korea’s Financial Supervisory Service will launch a regular audit of Lotte Card from November 10, advancing its schedule after a major hacking incident, with a focus on internal controls and management oversight.
#YonhapInfomax #FinancialSupervisoryService #LotteCard #HackingIncident #InternalControls #RegularInspection #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket https://en.infomaxai.com/news/articleView.html?idxno=89814Lotte Card has become the first major South Korean card issuer to simplify its cancellation process following a data breach, with Shinhan and KB Kookmin set to follow suit this month as regulators push for easier customer exits.
#YonhapInfomax #LotteCard #CardCancellation #FinancialSupervisoryService #DataLeak #ShinhanCard #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket https://en.infomaxai.com/news/articleView.html?idxno=89712Lotte Card’s market share plunged to the 8% range after a major data breach, as card cancellations surged; Hyundai Card overtook Samsung Card for the No. 2 spot in South Korea’s credit card market.
#YonhapInfomax #LotteCard #MarketShare #DataBreach #HyundaiCard #CreditSales #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket https://en.infomaxai.com/news/articleView.html?idxno=86417
Lotte Card Market Share Plunges to 8% Range—Data Breach Delivers Direct Hit
Lotte Card’s market share plunged to the 8% range after a major data breach, as card cancellations surged; Hyundai Card overtook Samsung Card for the No. 2 spot in South Korea’s credit card market.
South Korea's Financial Supervisory Service has expanded its security audit, launched after the Lotte Card data breach, to all financial institutions, aiming to strengthen cybersecurity and prevent further data leaks across the sector.
#YonhapInfomax #FinancialSupervisoryService #LotteCard #Cybersecurity #DataBreach #FinancialInstitutions #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket https://en.infomaxai.com/news/articleView.html?idxno=86192
FSS Expands Lotte Card Security Audit to Entire Financial Sector
South Korea's Financial Supervisory Service has expanded its security audit, launched after the Lotte Card data breach, to all financial institutions, aiming to strengthen cybersecurity and prevent further data leaks across the sector.
South Korea’s major card issuers are set to see funding costs ease as nearly 10 trillion won in high-yield bonds mature in H2 2025, allowing refinancing at much lower rates amid a falling interest rate environment.
#YonhapInfomax #CardBonds #FundingCosts #LotteCard #LegolandCrisis #InterestRates #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket https://en.infomaxai.com/news/articleView.html?idxno=85967
Card Firms Face Large-Scale Maturities of High-Yield Bonds Issued at Up to 6%—Funding Cost Burden Set to Ease
South Korea’s major card issuers are set to see funding costs ease as nearly 10 trillion won in high-yield bonds mature in H2 2025, allowing refinancing at much lower rates amid a falling interest rate environment.
MBK Partners Chairman Kim Byung-joo apologized for the Homeplus and Lotte Card controversies at a parliamentary hearing, pledging to fulfill social responsibilities and address outstanding claims, as lawmakers criticized the firm's investment practices and called for compensation to affected parties.
#YonhapInfomax #MBKPartners #Homeplus #LotteCard #SocialResponsibility #CorporateRehabilitation #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket https://en.infomaxai.com/news/articleView.html?idxno=85428
MBK Chairman Kim Byung-joo Apologizes Over Homeplus, Lotte Card Controversies—Vows to Fulfill Social Responsibility
MBK Partners Chairman Kim Byung-joo apologized for the Homeplus and Lotte Card controversies at a parliamentary hearing, pledging to fulfill social responsibilities and address outstanding claims, as lawmakers criticized the firm's investment practices and called for compensation to affected parties.
South Korea’s Financial Supervisory Service conducted 67 inspections of major card companies over seven years but failed to carry out any security vulnerability checks, drawing criticism after a major data breach at Lotte Card.
#YonhapInfomax #FinancialSupervisoryService #LotteCard #SecurityInspection #DataBreach #CreditCardCompanies #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket https://en.infomaxai.com/news/articleView.html?idxno=85185
FSS Conducted Zero Security Inspections on Card Companies Over Seven Years—Only One Regular Audit for Lotte Card
South Korea’s Financial Supervisory Service conducted 67 inspections of major card companies over seven years but failed to carry out any security vulnerability checks, drawing criticism after a major data breach at Lotte Card.
Lotte Card Resolves Card Reissuance Delays—1.19 Million Cards Reissued
Lotte Card Co. has resolved delays in card reissuance, completing 1.19 million new cards for customers after a data breach, with no reported cases of fraud or consumer losses.
Credit card bonds in South Korea have outperformed the broader bond market, with the spread over government bonds narrowing to a six-year low, driven by strong demand despite concerns over fundamentals and recent issuer-specific risks.
#YonhapInfomax #CreditCardBonds #Spread #RepoFunds #LotteCard #KoreaRatings #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket https://en.infomaxai.com/news/articleView.html?idxno=84811
Relentless Rally in Credit Card Bonds—Spread Hits Six-Year Low
Credit card bonds in South Korea have outperformed the broader bond market, with the spread over government bonds narrowing to a six-year low, driven by strong demand despite concerns over fundamentals and recent issuer-specific risks.
Lotte Card Hacking Incident One Month On—80,000 Customers Cancel Cards and Withdraw Membership
Lotte Card has completed protection measures for 220,000 customers after a hacking incident, with 80,000 card cancellations and no confirmed fraud losses to date.
Yonhap Infomax News