Impact of the T-Mon and WeMakePrice Incident: Non-Financial Firms Now Under Financial Regulation
Incidents such as the T-Mon and WeMakePrice (TMON-WeMakePrice) scandal and the KakaoPay data breach have highlighted how events in traditionally non-financial sectors can significantly impact the financial system. Incidents such as the T-Mon and WeMakePrice (TMON-WeMakePrice) scandal and the KakaoPay data breach have highlighted how events in traditionally non-financial sectors can significantly impact the financial system. In response, financial authorities have decided to strengthen indirect regulations on non-financial firms. This blog explores the growing need for managing atypical operational risks and the new regulatory approaches being considered by the financial authorities. Recent incidents, including the T-Mon and WeMakePrice scandal and the KakaoPay data breach, have shown how problems originating from non-financial sectors can extend their impact to the financial system. As a result, financial authorities are moving to strengthen indirect regulations on non-financial firms ...