Shinhan Bank data breach victims move toward class action in Seoul
In short
A law firm in Seoul has begun recruiting plaintiffs for a damages class action against Shinhan Bank over a data breach that exposed about 25,000 customers’ personal information on Oct. 1. Shinhan’s chief executive has apologised and promised full compensation if damage is found, and victims have also opened a Naver cafe for the suit. Breaches were reported at several other banks and financial firms, and the outlets say the class action could grow.
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A law firm in Seocho-dong, Seoul, has begun recruiting plaintiffs for a damages class action against Shinhan Bank over a personal data leak, according to Yonhap, Maeil Business and Chosun Ilbo. Participants must be victims who can confirm the leak through a Shinhan Bank notice or similar means, the reports say. The firm plans to file suit against the bank once recruitment is complete. [ 2 , 4 , 5 ]
Claims per person are expected to be set at 100,000 to 300,000 won, according to Yonhap and Maeil Business. [ 2 , 4 ]
The breach at the centre of the case occurred on Oct. 1 at Shinhan Bank and exposed the information of about 25,000 customers, the reports say. Maeil Business reported that the leaked data includes customer names, phone numbers, annual income and loan limits. Shinhan Bank CEO Jung Sang-hyuk issued a public apology and said the bank would take full responsibility and compensate fully if damage occurs. [ 2 , 4 ]
The Shinhan case is one of several. Yonhap and Maeil Business reported that breach incidents also occurred at KB Kookmin Bank, Hana Bank, BNK Busan Bank and Yegaram and Welcome savings banks. Yonhap’s list also includes Hyundai Capital, which Maeil Business’s list does not mention. The reports say the class action movement could grow because of the other incidents, without stating that any further suit has been filed. [ 2 , 4 ]
Victims have also organised outside the courts. Newsis headlined the possible class action on Oct. 6 and said some victims had opened a cafe, and Yonhap and Maeil Business reported that a “Shinhan Bank hacking victims class action cafe” was set up on Naver. Its operator said in a notice that the bank had promised full compensation if damage is confirmed, but that it had said nothing about what would be treated as damage or how victims should apply. [ 1 , 2 , 4 ]
Why it matters
The case turns on how Korean banks compensate customers after breaches reported at several institutions at once, with per-person claims of 100,000 to 300,000 won. The documents say it is possible the action widens to victims at other affected banks, but do not say whether that will happen.
Key facts
- A hacking incident at Shinhan Bank on Oct. 1 exposed the personal information of about 25,000 customers. [ 2 , 4 ]
- The leaked data includes customer names, phone numbers, annual income and loan limits, according to Maeil Business. [ 4 ]
- A law firm in Seocho-dong, Seoul, began recruiting plaintiffs for a damages class action against Shinhan Bank. [ 2 , 4 , 5 ]
- Participants must be victims able to confirm the leak through a Shinhan Bank notice, the reports say. [ 2 , 4 , 5 ]
- Claims are expected to be set at 100,000 to 300,000 won per person. [ 2 , 4 ]
- Shinhan Bank CEO Jung Sang-hyuk issued a public apology and said the bank would take full responsibility and compensate fully if damage occurs. [ 2 , 4 ]
- Breach incidents were also reported at KB Kookmin Bank, Hana Bank, BNK Busan Bank and Yegaram and Welcome savings banks, while Yonhap also lists Hyundai Capital. [ 2 , 4 ]
- A Naver cafe for hacking victims was opened; its operator said the bank promised full compensation if damage is confirmed but has not said what counts as damage or how to apply. [ 1 , 2 , 4 ]
Confirmed by several sources
- An Oct. 1 hacking incident at Shinhan Bank exposed the information of about 25,000 customers. [ 2 , 4 ]
- A law firm based in Seocho-dong, Seoul, is recruiting plaintiffs for a damages class action against Shinhan Bank. [ 2 , 4 , 5 ]
- Shinhan Bank CEO Jung Sang-hyuk apologised publicly and promised full compensation if damage occurs. [ 2 , 4 ]
- Breach incidents were reported at several other banks and financial firms, not only Shinhan Bank. [ 2 , 4 ]
Still unclear
- What the bank will treat as damage and how victims should apply for compensation. A Naver cafe operator quoted in the reports says the bank has not explained what counts as damage or the application process.
- Whether the class action will be extended to victims at other affected banks. The documents say this is possible but report no decision or filing beyond the Shinhan Bank case.
- How many people will join the suit or when it will be filed. The reports say a suit will be filed once recruitment is complete, without giving numbers or dates.
What local media are saying
Timeline, local time
- A hacking incident at Shinhan Bank exposes the personal information of about 25,000 customers, according to later reports. [ 2 , 4 ]
- Newsis headlines a possible class action over the banking hacking case and says some victims have opened a cafe. [ 1 ]
- Yonhap reports a Seocho-dong law firm has begun recruiting plaintiffs for a damages suit against Shinhan Bank. [ 2 ]
- Maeil Business, citing the Yonhap report, adds that the leaked data includes names, phone numbers, annual income and loan limits. [ 4 ]
- Chosun Ilbo reports that victims are being recruited by a law firm in Seoul’s Seocho district. [ 5 ]