According to the financial sector on the 15th, SGI Seoul Guarantee experiences a system failure due to a ransomware attack that continues from early morning on the 14th to this morning. It is the first insurance company that experiences a system failure due to a ransomware attack. /Courtesy of SGI Seoul Guarantee website capture

It appears that the system recovery of SGI Seoul Guarantee, which was attacked by ransomware, will take longer. SGI Seoul Guarantee is using backup data to recover recent transactions while deferring guarantees for products that allow 'execution first, guarantee later' in consultation with relevant authorities to minimize consumer damage. Some products, such as performance guarantee insurance, are being issued manually at branches.

According to financial authorities and SGI Seoul Guarantee on the 15th, a system failure occurred at SGI Seoul Guarantee due to a ransomware attack the previous day, causing disruptions in guarantee operations for dwellings mortgage loans, jeonse loans, and cell phone installment activations up to now.

The Financial Supervisory Service (FSS) and the Financial Security Institute have been inspecting the recovery situation since the previous day. An FSS official noted, 'We are focused on recovery efforts using data backed up before the ransomware infection,' adding, 'It is difficult to recover immediately today or tomorrow as we need to verify the integrity of the backup data.'

As the recovery work is prolonged, causing greater inconvenience to consumers, SGI Seoul Guarantee has been enabling tenants who are eligible for the issuance of guarantee certificates related to jeonse loans to implement 'loan execution first, guarantee certificate subscription later' in consultation with major commercial banks since the previous day.

Regarding the guarantee insurance needed for cell phone installment activations, they are also coordinating with mobile carriers to implement 'activation first, guarantee later' measures. For bidding to participate in construction, purchase of materials, and services, performance bonds such as bid guarantee insurance, as well as deposit guarantee insurance replacing cash deposits with insurance policies, are currently being issued manually at branches.

An official from SGI Seoul Guarantee explained, 'Bid guarantee insurance has a deadline for awarding, and deposit guarantee insurance also has a deadline for the deposit amount according to court orders, so in urgent cases, we are issuing guarantee certificates manually at branches.'

Ransomware is a type of cyberattack that encrypts files on computers or servers and demands money in exchange for recovery. Recently, YES24 experienced a paralysis situation due to a ransomware attack.

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