SGI Seoul Guarantee Insurance is facing challenges in system recovery following a ransomware attack, causing its stock price to plummet. Ransomware is a form of cyberattack that encrypts files on computers or servers and demands payment for their recovery.
SGI Seoul Guarantee Insurance shares finished trading at 42,750 won on the 15th, down 4.79% (2,150 won) from the previous day. The stock price peaked at 49,950 won during the previous day's trading, marking its highest price since listing in March, but has fallen over 14% from that high due to the ransomware incident.
SGI Seoul Guarantee Insurance noted that it is presumed to have suffered a ransomware attack the previous day. Since then, guarantee services such as mortgages on dwellings, jeonse loans, and mobile phone installment subscriptions have been disrupted.
It is expected to take time for the system to normalize. The Financial Supervisory Service and the Financial Security Institute have been conducting on-site inspections since the previous day to check recovery status, but they foresee difficulties in rapid recovery as they need to examine the integrity of the backup data.