Seoul Guarantee Insurance, the largest provider of guarantee insurance in South Korea, experienced a severe ransomware attack that rendered its core systems offline for a third consecutive day. The incident began early Monday when SGI identified an "abnormal symptom" in its database. A joint investigation by the Financial Supervisory Service and the Financial Security Institute confirmed that the disruption was due to a ransomware breach. As a critical entity in Korea's guarantee insurance sector, SGI's operational halt is causing widespread confusion and inconvenience to its clients, which include both individuals and corporations, with a substantial guarantee balance of 478 trillion won ($344.4 billion) as of the end of 2024.
Seoul Guarantee Insurance, South Korea's largest provider of guarantee insurance, has been crippled by a ransomware attack, with its core systems offline for a third straight day.
The incident began early Monday, when SGI reported an "abnormal symptom" in its database system. By Tuesday afternoon, a joint investigation confirmed it was caused by a ransomware breach.
As a pivotal player in Korea's guarantee insurance industry, SGI's disruption is generating widespread confusion and inconvenience.
The insurer provides guarantees for both individuals and corporations, with a guarantee balance of 478 trillion won ($344.4 billion) as of end-2024.
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