South Korea probes Hyundai hack

South Korea’s financial watchdog launched an investigation into the hacking of Hyundai Capital, the consumer finance unit of Hyundai Motor Group.

According to Reuters, the Financial Supervisory Service is concerned about how personal data on 420,000 of Hyundai Capital’s 1.8 million customers ended up in the paws of hackers.

Over the weekend Hyundai admitted that its database was leaked when an unidentified hacker attacked its database.

The personal information nicked was the name, email, and mobile phone information but apparently there was no financial transaction information directly taken.

Vice President Hwang Yoo-no said there was “a possibility that some secret information was hacked, including customer passwords and credit ratings.” In short passwords were leaked for around 13 thousand customers and the hackers had pretty much access to everything if they used them.

The company said in a statement on Sunday it was conducting its own investigation into the incident. But the hack has sent the financial markets into a spin.

After all if you can’t trust a bank to be secure, who can you trust? What is alarming is that the finance outfit’s security system failed completely, which is why the Financial Supervisory Service is concerned.

The cracker’s removal of customer data began in February of this year. However, Hyundai Capital remained oblivious. Apparently it only discovered the security breach after it was contacted by a hacker last week. In other words, the security system was dependant on a hacker telling them that he had just hacked them.

Hyundai Capital gives cash for car financing, personal loans and home mortgages. It is owned by Hyundai and GE Capital.