University English: the blog for ESL students

May 6, 2011

The security breach at NongHyup bank’s computer system

Filed under: student presentations — richardlstansfield @ 2:25 am

1.Glossary
*fatal : (adjective) (of illness, accidents, etc.) causing death
*breach : (noun) an act of breaking a rule, law, custom, or practice
*compensate : (verb) to pay (someone) money in exchange for work done, for something lost or damaged, or for some inconvenience
*withdraw : (verb) to take (something) back, or to remove (something)
*commodity : (noun) anything that can be bought and sold

2.text
Out topic is the security breach at N.H bank’s computer system.

It happened an April 12th, 5:05 p.m. When it happened, Nonghyup(N.H) had tellers do some ATM duties, such as handling deposits and withdrawals. On the 12th, they restored some of network systems like ATM, internet banking and phone banking. On the 22nd, N.H admitted that they couldn’t do some transactions[1].

When the incident happened, their first opinion about why the incident happened was that it was caused by their internal staff.[2] But, after some investigation, they found out that the problem was caused by an external organization’s hacking, because they found a lot of fatal bad codes on their computer.[3]
Of course, there is an internal problem.
The representative ting is the very management. They outsource the handling of security to an outside firm to save money, and even in some of NongHyup’s departments, there are no experts about IT.
Some experts say that this incident was caused mot because of problem in the system, but because of the problem in which management sees IT as a commodity, and outsource security to an outside firm to save money.[4]

When N.H first talked about compensation, they admitted that they will compensate all losses. But a few days later, they said that they will only compensate for losses that they can confirm. Nonghyup and its clients are now in conflict because they disagree about the amount at losses.[5]

Even clients at other banks are now concerned about their banks’ security and said that their trust in their banks is decreasing.

3. Discussion questions
1) What do you think about the N.H incident?

–> What do you think about the incident at Nonghyup Bank?

2) What would you do if your bank had this kind of incident?

–> What would you do if your bank had this kind of incident?

3) If you were a bank CEO, would you outsource your bank’s security?

–> If you were a bank CEO, would you outsource your bank’s security? Why or why not?

4) What do you think about Nonghyup’s decision to only compensate losses that they can confirm?

–> What do you think about Nonghyup’s decision to only compensate losses that they can confirm?

4.references
[1] http://ko.wikipedia.org/wiki/%EB%86%8D%ED%98%91_%EC%A0%84%EC%82%B0%EB%A7%9D_%EB%A7%88%EB%B9%84_%EC%82%AC%ED%83%9C
[2] http://www.seoulfn.com/news/articleView.html?idxno=105493
[3] http://economy.hankooki.com/lpage/economy/201105/e2011050318072270070.htm
[4] http://economy.hankooki.com/lpage/economy/201105/e2011050318072270070.htm
[5] http://news.mk.co.kr/newsRead.php?year=2011&no=282369

(class #061) (group #2)
김성현 김승수 이경술 최은규

— — — — — — —

Teacher’s Note:

I have chosen the following three vocabulary items to be on Written Test #2:

1. breach: (noun) an act of breaking a rule, law, custom, or practice

2. compensate : (verb) to pay (someone) money in exchange for work done, for something lost or damaged, or for some inconvenience

3. withdraw : (verb) to take (something) back, or to remove (something)

I have chosen the following discussion question to be on the Final Speaking Test.

– If you were a bank CEO, would you outsource your bank’s security? Why or why not?

Remember to stress it properly.

– If you were a bank CEO, would you outsource your bank’s security? Why or why not?

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