Recently after Japan now South Korea’s Ministry of Science , ICT and Korea Communications Commission announced that they will conduct on-site inspections of cryptocurrency service provider companies as well as bitcoin exchanges. Their focus will be on the cybersecurity of these providers and their compliance matter with privacy laws.
Why On-Site Inspections ?
The Korea Communications Commission, the Ministry of Science in collaboration with ICT revealed on Tuesday authorities or managemnet will cooperate to conduct on-site inspections of bitcoin exchanges, according to local media. The KCC plans to implement on-the-spot checks to follow technical and administrative safeguards. KCC have clear objectives towards Promotion of Information and Communication Network Utilization. It will strictly rectify any violations.
The KCC will provide information security consultancy and technical support to all service providers who manage digital currencies online. KCC will guide them abot how to reduce their own security vulnerabilities – the media clarified. In the month of July the country’s largest bitcoin exchange “Bithumb, was under cyber security terror as it got hacked. The personal information of more than 30,000 customers was leaked. In addition to it US cybersecurity firm Fireeye mentioned earlier this month that a cyber-espionage group called “Temp.Hermit” is responsible for launch of cyber attacks against Korean bitcoin exchanges between May and July.
Korea Starts On-Site Inspections of Bitcoin Exchanges “as this check is due to the increase in user damages due to consecutive hacking incidents involving virtual wallet hacking as well as personal information leakage. The authorities (govt) are quite serious about planning and also the prevention of the happening of such type of damages. The same was mentioned by Korea Herald. “To provide an environment against cybersecurity threats and safe service utilization through inspection of companies handling virtual currencies.”
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