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Two arrested following successful data theft of phone company KT Corp

More than 12 million customer records are at risk following a successful attack against South Korean wireless carrier KT Corp (KRX:030200)

| Hacking & Security News | Posted: Mar 12, 2014 1:34 am

Two men have been arrested and are allegedly involved in a cyberattack and data theft of KT Corp, a major South Korean phone company, with 12 million users affected. The breach took place over a long period, and the criminals took up to 300,000 piece of information at a time, and the South Korean government forced KT Corp to create an online database for users hit by the breach.


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One of the suspects reportedly broke into the KT Corp computer system using custom-coded software he developed himself. During the breach, the accused hacker gained bank details, employment information and home addresses on 12 million KT - around 75 percent of the company's customers.


The information was later sold to another criminal, and he allegedly used the data to pose as a KT sales rep and sell mobile phones - the criminal scheme generated an estimated $10.8 million, according to reports.


"Under cooperation with related bodies, we will make our best effort to make sure customers' data are not circulated," said Hwang Chang-Gyu, KT CEO, during a press conference. "We will start from the beginning by reprimanding those who are responsible. KT will focus on improving security systems as soon as possible."


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