Shinhan Card Reports Data Breach Affecting 190,000 Merchant Representatives Shinhan Card disclosed a data breach involving approximately 192,088 records of merchant representatives, marking the latest in a series of recent leaks affecting major South Korean firms, including Coupang, KT, SK Telecom, and Lotte Card. The incident, reported to the Personal Information Protection Commission (PIPC) on Tuesday, was attributed to internal employee misconduct related to new card solicitation rather than external hacking. The exposed data included: - 181,585 records containing only mobile phone numbers - 8,120 records with phone numbers and names - 2,310 records with phone numbers, names, birth years, and gender - 73 records with phone numbers, names, and full dates of birth Shinhan Card confirmed that no highly sensitive information—such as resident registration numbers, card details, or bank accounts—was compromised. The breach was limited to merchant representatives, with no impact on individual cardholders. The company stated that the leak stemmed from isolated employee actions and posed no further dissemination risk. The case came to light after a whistleblower submitted evidence to the PIPC, prompting an investigation. Shinhan Card began reviewing the allegations on November 13, verifying the breach through internal records. Following the findings, the company issued a public apology, notified affected merchants, and launched a webpage for individuals to check their exposure. While Shinhan Card has taken measures equivalent to those for a data breach, further review is needed to classify the incident officially. The company pledged to strengthen protections to prevent future occurrences. Security Investment Trends Lag Despite Rising Breaches A recent survey by market tracker Leaders Index revealed that while major South Korean firms increased IT spending by 31.2% (from 16.5 trillion won in 2022 to 21.6 trillion won in 2024), information security investment grew only marginally in proportion—from 5.8% to 5.9% of total IT budgets. Security staffing saw a similar trend, with dedicated personnel rising 22.3% but remaining at just 6.7% of IT workforce share. Analysts noted that despite absolute increases, security priorities continue to trail broader technology spending.