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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] SEOUL, November 11, 2025 — South Korea’s Financial Supervisory Service (FSS) has completed its special inspection into Lotte Card’s cyber incident and sent its initial inspection opinion letter to the company, beginning the formal process of hearing the firm’s explanation and legal opinions, according to financial industry sources.
The two-month inspection focused on IT and information-security management systems, including Lotte Card’s WebLogic server administration, where several regulatory violations were reportedly identified. Although the contents of the FSS opinion letter are confidential under Article 33 of the Regulations on Financial Institution Examinations and Sanctions, the review is understood to involve potential breaches of the Electronic Financial Transactions Act, the Credit Finance Business Act, and the Credit Information Act.
The FSS will now conduct multiple rounds of written opinions and reviews before finalizing its findings. Industry officials say it is unlikely that the case will reach the Financial Supervisory Service’s Sanctions Review Committee within this year, given the procedural steps remaining.
Under current rules, the FSS generally has up to 152 days after completing an inspection to notify results, excluding the company’s explanation period — suggesting that an official conclusion may not be released until early April 2026 or later.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
