20 outage-prone financial firms spent less than 70% of security budgets

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  A review of 20 financial companies with frequent IT service disruptions found that they used 69.6% of their information-security budgets last year.

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  The companies had a combined security budget of 438 billion won and spent 305.03 billion won, according to data submitted by financial authorities to lawmaker Park Sung-hoon.

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  Woori Bank had the lowest spending rate, using 53.8% of its 78.659 billion won budget.

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  KB Kookmin Bank and Hanwha Life Insurance each used 58.1% of their security budgets.

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  Seven of the 20 companies reduced their information-security budgets this year compared with last year; Woori Bank’s budget fell by 21.7%.

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  Park said weak security investment was a matter of trust in the financial system and called for a full review of security spending and accountability for confirmed shortcomings.

Who

Twenty financial companies with frequent IT service disruptions; lawmaker Park Sung-hoon

What

Their information-security budget spending and this year's budget changes were reviewed.

When

Last year; this year's budget figures are for the first half.

Where

South Korea

Why

The review examined security investment at financial companies holding customers’ sensitive personal information and assets.

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