Shinhan and Hana Bank Offer Minimal Relief After Data Breach
Shinhan Bank and Hana Bank unveiled relief measures for customers hit by a hack, but critics say the coverage is too thin. KB Kookmin Bank has offered nothing yet.
SUMO· the number puzzle
Dialo· learn languages by speaking
ediviewer· read EDI files like documents
giftdetect· the right gift in minutesShinhan Bank and Hana Bank have announced remedies for customers whose personal data was exposed in a recent external hack, but the scope and value of the compensation are being questioned as far too small to matter.
Shinhan Bank will help every affected customer enroll in insurance against cyber financial crime. The policy covers monetary losses from phishing, pharming, smishing and memory hacking, up to 10 million won over one year. The bank says it will pay the full premium and will explain the exact coverage and claims procedure once talks with the insurer are finished.
The cost behind the headline
The insurer has not been named officially. Industry observers believe the product is a group cyber financial crime policy from Hana Insurance, which individuals can buy for roughly 3,000 to 4,000 won a year. Group plans covering around 25,000 people typically get discounts of 50 to 60 percent, so the bank's cost is estimated at 1,000 to 1,500 won per person, or about 25 million to 38 million won in total.
Hana Bank is giving customers a free one-year subscription to a financial identity protection service brokered by AllCredit and underwritten by Hyundai Marine & Fire Insurance. The service is worth about 18,000 won a year. It includes credit inquiry blocking and management, a comprehensive financial safety check, and payouts of up to 3 million won for losses from financial incidents.
The credit-blocking feature, however, appears to match the "Anshim Chadan" service that the government and financial sector already provide for free. That raises doubts about how much extra protection it offers against financial crime.
KB Kookmin still undecided
KB Kookmin Bank has not announced any compensation. A spokesperson described the matter as "under review." With the two rivals' offers drawing criticism for their size, pressure is likely to grow on the bank to present something more substantial.
Apps worth a look
SUMO: the number puzzleTap the right tiles, add them up, hit the target. Easy to learn, hard to master. Free, for all ages.
Dialo: learn languages by speakingTalk to an AI conversation partner; every sentence comes back corrected and explained in your language. 9 languages, A1 to C2.
ediviewer: read EDI files like documentsOpen EDIFACT and X12 messages, see every segment explained, convert to JSON/XML, export PDF and Excel. Runs locally, no upload.
giftdetect: the right gift in minutesPick who it is for, the occasion and their personality. The search engine reads product descriptions from local shops and ranks what fits. Free, no sign-up.
More from this day
See all →
RealWorld Unveils DexBench to Benchmark Robot Hand Dexterity
Korea's FTC Flags Competition Concerns in Naver Financial–Dunamu Deal
Google AI Mode Search Adds Restaurant Booking in Japan
