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※ 번역할 언어 선택

Richard W. Fisher

The Dog That Does Not Bark but Packs a Big Bite: Services in the U.S. Economy

Remarks before the U.S.–China Business Council, the Coalition of Service Industries and the American Council of Life Insurers
Washington, D.C.
May 14, 2007

Peter Ustinov, the great actor, used to chide the British foreign service by saying he was “convinced there is a small room in the attic of the Foreign Office where future diplomats are taught to stammer.” We do not stammer at the Fed, but we have been known to mumble on occasion. In most central banks, there has traditionally been a premium paid for being opaque.

Alas, obscurity is not our privilege in the reality show that is today’s financial world.

The conduct of monetary policy is inherently a forward-looking exercise: The Fed sets policy with the goal of holding future inflation at a reasonable minimum while helping economic activity and employment grow at maximum sustainable rates. To do so, the Fed must consider both current and expected inflation and growth. A certain degree of transparency and clarity helps increasingly sophisticated business and financial market operators manage risk. Mindful that our actions and deeds condition the expectations of risk takers, it makes sense for central bankers to provide context for our decisions.

This evening, I would like to give you a little perspective from my perch at the Dallas Fed. I would like to talk, hopefully with nary a mumble nor stammer, about the service sector and what I consider the consequences of having services, rather than manufacturing, as the driving force of our economy. These views are my own and, I hasten to add, do not necessarily reflect the views of my colleagues on the Federal Open Market Committee.

First, let me give you some facts to set the stage. America’s economy is a behemoth. In 2005, the Dallas district of the Federal Reserve System—all of Texas, 26 parishes in Louisiana and 18 counties in New Mexico—produced 25 percent more output than India in dollar terms. The Twelfth District, headquartered in San Francisco and overseen by my colleague Janet Yellen, produced more output than all of China. The 140 million workers in the United States produce over $13.2 trillion in economic output; 82 percent of those 140 million workers are employed in the service sector, producing 70 percent of our GDP.

Over the decades, the inexorable forces of capitalist evolution have shifted our economic base from agriculture to manufacturing and now to services. The iconic economist Joseph Schumpeter wrote that “stabilized capitalism is a contradiction in terms.” The transformation of the American economic landscape over time is testimony to our ability to harness our innovative, educated and entrepreneurial culture to master—rather than be victimized by—the instability that is inherent in capitalism. Since the first risk takers arrived on the shores of Virginia and at Plymouth Rock, it has been in our DNA to climb up the value-added ladder. A little history:

* Two hundred years ago, over 90 percent of the U.S. workforce was in agriculture. By the end of the first decade of the 20th century, that share had shrunk to 37 percent of the workforce. Today, less than 1.5 percent of America’s labor pool works on farms and ranches—yet we are producing an agricultural abundance.
* Two hundred years ago, 4 percent of our labor force worked in industry, which includes manufacturing, construction and mining. By 1900, the figure had grown to 28 percent, on its way to peaking at around 38 percent in the 1950s and ’60s. Today, traditional industry employs just 16 percent of our fellow workers—and we’re producing more goods than ever.
* Two hundred years ago, 4 percent of the workforce was in services. The percentage of service workers has steadily grown, reaching 26 percent in 1900, passing 50 percent in the 1950s and, as I mentioned earlier, employing 82 percent of our workforce today.

Let me put these numbers in perspective for you by contrasting them with China. Today, about 44 percent of China’s working population is still in agriculture, compared with America’s 2 percent. Employment in the Chinese industrial sector is 23 percent, compared with our 16 percent. China’s service sector employs a little bit more than 30 percent of China’s laborers, compared with our 82 percent. In other words, China’s labor distribution between agriculture, industry and services is about the same as ours was in 1900.

Since the demise of Mao, the Chinese have made great strides in improving their education system. They are producing graduates in prodigious quantities. And yet they are a long way from having the quality educational system needed to produce trained workers capable of rivaling ours. Around 15 percent of China’s population aged 25–65 has a high school degree, compared with 85 percent in the United States. One of every 20 Chinese in that age group has a college degree, compared with one in three in the U.S. In China, 700 people out of every million are R&D researchers. Here, that number is at least 6.5 times higher.

And in terms of wealth, it is interesting to note that China’s real GDP per capita is roughly 1/25th the size of ours, about the same level as what the U.S. achieved over a century ago.

Our per capita wealth has grown as we’ve moved up the value-added ladder. Generally speaking, our highest paying jobs are in services—engineers, scientists, computer systems analysts, stock brokers, professors, doctors, lawyers, dentists, CPAs, entertainers and other service providers, to say nothing of the mega-compensation paid to hedge fund managers and financial engineers.

Beginning in 1993, the average wage for private services employees surpassed base industry wages. By 1999, all nonretail services employees, even public service employees like government workers and teachers, were averaging more pay per hour than industrial workers.

The destructive side of the process of capitalism’s “creative destruction” is evident in the numbers as old professions give way to new, higher-paying ones. The number of U.S. farm laborers decreased 20 percent between 1992 and 2002. In the same 10-year time frame, employment of telephone operators decreased 45 percent. That of sewing machine operators decreased 50 percent between 1992 and 2002. This is not ancient history; this all occurred within a time frame that is fresh in the memory of everyone in this room.

Yet within that same time frame—between 1992 and 2002—the number of architects grew 44 percent, legal assistants 66 percent and financial services employees 78 percent. Today, there are nearly a million webmaster jobs, a category that didn’t even exist until the early 1990s. The creative side of creative destruction has replaced lost jobs in declining sectors with new ones in emerging sectors.

Since 1992, the goods-producing sector has seen its share of nonfarm payrolls fall by 3.9 percentage points. However, the losses have been more than offset by job gains in just three service sectors—professional and business services, health care, and leisure and hospitality.

Today, manufacturing employs one of 10 U.S. workers, about the same number as the leisure and hospitality sector. One in 20 works in construction—fewer than in financial services. Nearly the same number of people work in government as in the goods-producing sector as a whole. In the past year, the number of manufacturing jobs shrank by 1 percent. In contrast, employment grew by around 3 percent in education, health care, and leisure and hospitality and by over 5 percent in professional services.

Here is a statistic that about beats all: At the end of 2005, the U.S. auto and auto parts manufacturing industry employed about 1.1 million workers and added 0.8 percent of the value to our GDP. The legal services sector employed nearly the same number, but contributed 1.5 percent of the value added to GDP. I will resist the temptation to make a lawyer joke because this is no laughing matter to economists: The legal services industry provides as many jobs as auto manufacturers but contributes nearly twice the value-added to our economic output.

I think you get the point: The service sector, not autos and other forms of traditional manufacturing, drives our economy. And will continue doing so.

Looking forward, the Department of Commerce projects that the fastest growing jobs between now and 2014 will be among general managers, health care workers, postsecondary teachers, retail salespeople, customer service reps and other service providers. In contrast, among the jobs with the greatest projected decline will be textile plant workers, machine operators, farmers and ranchers, meter readers, computer and telephone operators, typists, couriers and, to the relief of all families who like to sit down to supper undisturbed, telemarketers and door-to-door salespeople.

The shift of jobs away from the goods and lower-value-added service sectors to higher-end services is not a new phenomenon. Indeed, it is part of a longer term trend of employment moving to sectors that produce for an increasingly wealthy country, meet the health care needs of our aging population, and provide U.S. employers with the highly trained and flexible workers they need in a broader, more accessible global economy brimming with unskilled labor.

As people get richer, they shift their spending toward relatively more services. Evidence can be found in the buying patterns of U.S. households, in the historical timeline of the U.S. economy and in nations around the world. For every dollar Americans spend on goods, we spend $1.70 on services—roughly a 60 percent mix in favor of services. In contrast, China spends 58 percent of its consumption on goods versus 42 percent on services. In even poorer India, services represent just 37 percent of spending—the reverse image of the U.S.

In 1979, I was a young member of the U.S. delegation President Carter sent to China to settle the claims left after Mao’s government seized the railroad rolling stock we had lent Chiang Kai-shek. President Nixon had normalized political relations in the early 1970s, but it fell to President Carter to normalize economic relations and finally raise the flag at the U.S. Embassy.

So that we could begin to trade with each other and get on with a normal relationship, Treasury Secretary Michael Blumenthal was dispatched to negotiate with Deng Xiaoping. I was Blumenthal’s assistant, so I accompanied him to all his meetings with the Chinese leader. I will never forget our first meeting with Deng. He was electrifying. You may remember he was a short fellow—barely 5 feet, if memory serves—but he was a giant of a man with big dreams. In our first meeting, he entered the room and cackled, “Where are these big American capitalists I am supposed to be so afraid of?”

He then laid out his vision of driving China down “the capitalist road,” a plan he did not proclaim publicly until later. Deng told us then that he would unleash the Chinese genius and focus it on development and modernization. To him, when it came to ideologies, it didn’t “matter whether it is a yellow cat or a black cat, as long as it catches mice.”

We all know the Chinese have caught economic mice in droves. Since 1979, China reports having grown at better than 9.6 percent a year, adding up to a better-than tenfold expansion of the economy to date. China’s factories produced 200 room air conditioners in 1978; today, they claim to make 79 million a year. Back in the dark old days of rigid central planning, the Chinese produced 679,000 tons of plastics; last year, they were up to 25 million tons—37 times as much. In 2003, China turned out 260 billion more square feet of cloth than it did in 1978. Today’s great building boom is occurring in China, where their government reported 38 billion square feet of floor space was under construction in 2005 for all kinds of structures, compared with 5.7 billion square feet in the United States.

As China grows—and clearly its manufacturing sector is fueling a very fast growth rate—we know its demand for services will increase even faster. This is good news for U.S. services businesses, because we are king of the global services providers, with an impressive array of sophisticated and high-quality products and services available for sale.

The size and wealth of our market and our tradition of consumer sovereignty have created the largest and most advanced service economy in the world, a fact reflected in our trade balance. We have consistently run a massive trade deficit—we have done so since the ’70s. Few, however, realize that we run a growing surplus in services trade. That surplus topped $70 billion in 2006, trimming down our overall trade deficit by over 8 percent. Perhaps more important, the positive services gap has been getting bigger.

The U.S. remains a major destination for international travelers, so it should come as no surprise that in the bookkeeping for our external account, travel is the largest private service we export. Lately, however, travel’s prominence in the statistics has been challenged by other higher-value-added services. Over the past decade, exports of travel, transportation and tourism have grown by 2.9 percent per year. By contrast, computer and information services and research and development have been growing at a double-digit pace. Similar stories abound. Our business services of accounting, auditing, management and consulting—along with insurance, finance and training—have increased mightily, thanks to technological advances that have made those services more tradable. With 16 percent of the world population plugged into the Internet and 41 percent using cell phones, many knowledge-based services can today be sold across the oceans through cyberspace at a fraction of traditional shipping costs.

America tends to export things that are high on the value-added ladder and import from lower down. In computer and information services, for example, we export $5.4 billion and import $2.2 billion. Dig deeper into the data and you will find that we largely export the services of systems architects and designers, while we import the services of basic programmers, who are the foot soldiers of the information economy. In services exports, as in manufacturing and agriculture, we are constantly moving up the value-added ladder.

We export twice as much intellectual property as we import. Our royalty and license fee income has been growing at 8 percent a year since 1992. Our exports of legal services have grown at 7 percent per year, and they now total nearly five times our imports. Exports of industrial engineering services have increased 18 percent per year since 1992, and we are now shipping out 13 times as much as we are receiving.

Our exports of film and TV rentals are 11 times greater than our imports. Of the 15 biggest-budget Hollywood movies made as of 2006, eight of them would have lost money if seen only in the U.S.—a total of $458 million in losses among them. However, when you include overseas sales, not only did all eight of them make money, but as a group they netted nearly $1.1 billion after production costs.

When I was deputy U.S. trade representative, the late, great Jack Valenti used to lobby me ferociously to negotiate the opening of foreign markets to U.S.-made films. His argument was as straight as Occam’s razor: Without the globalization of movies, studios would have had to scale back budgets, make smaller sets, use cruder animation, not-so-special effects and not-so-talented actors and actresses, and create otherwise less sophisticated and entertaining movies. Opening other countries’ markets to our movies would mean bigger and better movies for us to enjoy and more jobs created here at home. Jack was spot on. He would not have been the least bit surprised by the blockbuster revenues earned globally by Spiderman 3 over the past 10 days.

Here is the point: Be it in movies or industrial engineering design, in the service arena we are hotter than Scarlett Johansson. In high-value-added services, the United States holds a significant global competitive advantage.

The ubiquitous iPod tells the tale. Engraved on the back of my iPod are the words: “Designed by Apple in California. Assembled in China.” As we send our services out into the world, send our designs to Chinese or Vietnamese or Mexican factories—factories we played a role in designing, by the way—or educate foreigners in our universities, or build R&D centers in India or Estonia or Israel, we are planting apple seeds all over the world. As long as those seeds are allowed to germinate and sprout into economic growth, the world will demand more of our value-added services. And as long as we here at home foster good economic conditions—including well-administered monetary policy—that allow our entrepreneurs to continue creating and selling services demanded globally, we will continue to create American jobs and enhance our prosperity.

I mention “well-administered monetary policy” deliberately. Obviously, the women and men who create and build our high-end economy work best when they are undistracted by inflation or other forms of economic turbulence. They can do their job best when we do our job best by administering monetary policy that underwrites sustainable noninflationary growth.

The shift to a service economy, however, has made the conduct of monetary policy both more difficult and easier. Let me touch on the challenges it poses for monetary policymakers.

The service sector is hard to measure. Services are intangible. The data for measuring the impact of services are more squishy than the relatively straightforward accounting for output in agriculture and the manufactured goods sector. To assess services, we must rely on surveys and the good judgment of the statisticians who interpret them.

There are sophisticated techniques for conducting these surveys. Yet when it comes to services, we cannot easily discern differences between quality improvements and inflationary price increases. This is less of an issue with goods, where we can more readily identify quality changes such as improvements in durability or serviceability. For example, improvements in automobiles are measured through the introduction of seatbelts, airbags and crash-worthy bumpers; the increased durability of engine and suspension components; electronic enhancements that improve fuel efficiency; better sound systems; voice-activated navigation systems and so on.

But in services, quality improvements are less clear. If your barber raises the price of a haircut, is it because you are getting a better haircut, or is it because the shop is passing on its increasing costs, or is there some other factor at play? I’m sure you’ve seen $15 haircuts at a strip-mall barbershop, and you’ve at least heard of hundred-dollar stylings offered by salons along Wisconsin Avenue. Four-hundred-dollar haircuts have been reported—even on the heads of Democrats. Presumably, there is a quality difference between them, but we can’t measure it the way we can with a ’67 Mustang and Ford’s 2007 model, or between the computing power of an old IBM mainframe and a modern Dell laptop.

This isn’t rocket science—it’s more challenging than that. In rocket science, the objective is defined and the process involves applying established mathematics. The value of services is less quantifiable, less well defined, and requires considerable judgment to distinguish between price changes resulting from inflationary pressures versus differences in quality.

Take what I do for a living as another example. Government agencies that measure employment and economic activity classify central banking under a broad category called “financial services—other.” It is a service. We serve the public by distributing cash and coin, maintaining an efficient payments system, supervising banks and setting monetary policy—what many might consider important functions. If we perform our services well, the economy keeps on humming, creating jobs and building wealth. If we fail, or just mess up every now and then, our missteps send ripples through the economy. Cash does not arrive at banks or checks don’t clear, inflation gains momentum or employment grows at a suboptimal rate. Yet I can’t point to where our success shows up in GDP statistics. Nor can I tell you how much more or less productive I am versus my predecessors or counterparts.

Our inability to fully distinguish between quality improvements and inflation in services means that when we look at growth in nominal GDP, we can’t be entirely sure how much results from the gains in real output and how much is inflation.

That is one set of issues. And there are others. In accounting for a knowledge-based economy, for example, the very concept of investment should be broader than the traditional focus on equipment and structures. U.S. government statisticians have already expanded the definition of business investment to include software. Arguably, they should be looking at education spending—which is the very foundation of our knowledge economy—in the same way, instead of counting education costs as a consumption expense.

The point is that in our efforts to assess the speed limit and engine temperature of the economy, we have plenty of gauges on our dashboard that we can use for evaluating the manufacturing sector. Yet we are deprived of similarly reliable gauges for measuring capacity utilization and other dynamics of the service sector. We spend a terrific amount of time analyzing domestic manufacturing reports—think of the media attention given to the Philadelphia Fed’s manufacturing index or the Empire State Index or, if you are astute, the Dallas Fed’s manufacturing index for a district—forgive my Texas brag—that produces more manufactured products than the areas covered by either the Philadelphia or New York surveys. Manufacturing data is so refined that I can tell you whether the plastic we make is used for a bag, bottle, pipe, pillow or floor. Yet, as our economy becomes ever more services-oriented, relying on traditional, goods-focused indicators as predictors of economic activity or inflection points in the business cycle becomes more and more suspect. As comparative advantages are redistributed by globalization, the importance of foreign capacity measurements for manufacturing increases. And the need for a services capacity metric here at home becomes imperative. And yet we—and this is a collective “we,” encompassing the economics profession worldwide, not just the Fed—have perfected neither.

Herein lies an opportunity for enterprising analysts to rise to the challenge I’ve just presented and profit from the development of new data that can help alleviate the deficiencies in service-sector metrics. Many—including our co-host this afternoon, the Coalition of Service Industries—draw well-deserved attention to our services sector, measuring its size, growth, scope and composition to drive home the point that the U.S. economy is services driven. While we can slice and dice the data we have, we still don’t have enough of it available to help us monitor trends with the level of detail and timeliness we have for our goods-producing sectors.

I’ll conclude by calling your attention to another aspect of the growing importance of services in the U.S. economy, a subtle, behind-the-scenes contribution that services are making to the decoupling of the overall economy from the manufacturing sector.

Allow me to draw your attention to Arthur Conan Doyle’s mystery, “Silver Blaze.” In that story, a Scotland Yard inspector asks Sherlock Holmes, “Is there any point to which you would wish to draw my attention?” Holmes replies, “To the curious incident of the dog in the night-time.” Puzzled, the inspector notes, “The dog did nothing in the night-time.” “That was the curious incident,” Holmes says. The dog did not bark.

A “curious incident” happened in the U.S. economy during the 2001 downturn. Factory output fell by almost as much during that recession as in the 1981 recession 20 years earlier—7 percent in 2001 versus 8 percent in 1981. Yet, GDP declined by less than half a percentage point in the 2001 downturn versus 3 percent in 1981. The mystery is why the aggregate economy was so much less affected in 2001.

Undoubtedly, a significant part of the explanation is the sharply declining and relatively low real interest rates in the latter period, which helped sustain the construction industry. But it is also important to note the very different behavior of the goods component of GDP across the two episodes. In 1981, “total goods sector” output fell by the same amount as factory output. In 2001, it fell by only half the decline seen in manufacturing. To use the Holmes analogy, goods output “barked” loudly in 1981 in response to the collapse of manufacturing. In 2001, goods output merely whimpered.

This curious incident points to the solution to our mystery: What the Commerce Department calls “goods-sector output” in fact includes a growing retail and distribution services component that is relatively insensitive to fluctuations in factory production. This was the dog that did not bark. The merchandising services component of goods-sector output declined relatively little in 2001 and helped insulate the economy from the manufacturing collapse.

The service sector may not be as noisy or get as much analytical or political attention as the manufacturing sector, but it has a significant bite in terms of its impact on economic performance. That is the point to which I hope to have drawn your attention today. As we seek to conduct monetary policy, we will have to develop new methods for determining exactly how the service sector's bite affects the business cycle and economic behavior.

Enough said. Thank you for listening. Let’s stop there, and in the best interest of being transparent, I will do my best to mumble and stammer through responses to your questions.

About the Author

Richard W. Fisher is president and CEO of the Federal Reserve Bank of Dallas.

Note

The views expressed by the author do not necessarily reflect official positions of the Federal Reserve System.

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'美중간선거 출구조사' 유권자 65% "인플레 트럼프 탓" [서울=뉴스핌] 최원진 기자= 3일(현지시간) 치러진 미국 중간선거 출구조사에서 유권자의 절대다수가 현재 미국 경제 상황을 비관적으로 평가하고 있으며, 고물가와 경제 난국의 책임을 도널드 트럼프 대통령에게 돌리고 있는 것으로 나타났다. NBC, CNN, CBS 등 미국 주요 방송사의 의뢰로 여론조사기관 SSRS가 실시해 이날 발표한 출구조사 결과에 따르면, 전체 응답자의 75%가 "현재 미국 경제 상황이 악화됐다"고 답했다. 3일(현지시간) 미국 일리노이주 시카고에 있는 윌리엄 C. 가우디 기술 아카데미의 중간선거 투표 현장. [사진=로이터 뉴스핌]   특히 유권자의 65%는 "트럼프 대통령의 정책이 경제를 더 악화시켰다"고 응답했으며, 62%는 고물가의 책임이 트럼프 대통령에게 있다고 지목했다. 유권자의 44%는 "2년 전 트럼프 대통령 취임 당시보다 가계 재정 상태가 악화됐다"고 답한 반면, 좋아졌다는 응답은 18%에 그쳤다. 이번 출구조사에서 트럼프 대통령의 국정 수행 지지율은 38%에 그쳐, 1기 임기 당시 치러진 2018년 중간선거 지지율(45%)보다 7%포인트(P) 하락했다. 유권자 10명 중 4명 이상인 43%는 "트럼프 대통령에게 심판표를 던지기 위해 투표소에 나왔다"고 답했다. 이는 상원 승패를 결정지을 4대 핵심 경합주(조지아, 오하이오, 미시간, 텍사스)에서도 트럼프 대통령에 대한 부정 평가가 과반을 넘어서며 공화당 후보들에게 악재로 작용한 것으로 분석됐다. 유권자들이 꼽은 가장 중요한 선거 이슈는 경제(39%)였으며, 민주주의 수호(32%)가 뒤를 이었다. 체감 물가 상승률과 관련해서는 ▲유가 및 경유 가격(87%) ▲식료품 가격(88%) ▲공공요금(86%) ▲의료비(85%) 등 삶의 질과 직결된 전 분야에서 80%가 넘는 유권자가 불안감과 생활고를 호소했다. 지난 2024년 대선에서 트럼프 대통령 승리의 견인차 역할을 했던 핵심 유권자층의 이탈 징후도 포착됐다. 히스패닉(라틴계) 유권자 중 민주당 지지층 비율은 2024년 39%에서 올해 43%로 반등했다. 이로써 민주당의 라티노 우위 격차는 2024년 10%P에서 이번에 16%P로 크게 확대되며 우상향 곡선을 그렸다.  흥미롭게도, 유권자들은 양당 모두에 대해 높은 불만을 드러냈다. 민주당에 대한 비호감도는 54%(호감 46%), 공화당에 대한 비호감도는 59%(호감 41%)로 양당 모두 과거 두 차례 중간선거 대비 비호감도가 크게 상승했다. '양당 모두 비호감'이라고 답한 유권자 비율도 20%에 육박한 것으로 나타났다.  주요 이슈별 정당 신뢰도 조사에서는 민주당이 경제, 외교 정책, 의료, 공직 부패 등 다수 분야에서 공화당보다 우수한 평가를 받았다. 공화당은 이민 문제에서만 유일하게 우위를 점했으며, 인공지능(AI) 정책과 세금 이슈에서는 양당이 팽팽히 맞섰다. wonjc6@newspim.com   2026-11-04 08:04
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은행·제2금융·증권사 등 보안 모두 뚫렸다 은행을 시작으로 증권사와 카드사 뿐 아니라 저축은행 등 제2금융권까지 해킹 피해가 속출하고 있다. 난공불락으로 여겨졌던 금융사 보안 체계는 외부 공격과 내부 관리 부실 앞에서 허점을 드러냈고 사고를 사전에 탐지하거나 피해를 신속히 차단하는 대응 역량도 도마 위에 올랐다. 뉴스핌은 총 4편의 기획을 통해 업권별 사고 원인과 보안 실태를 규명하고 인공지능(AI) 기반 보안체계 구축과 망분리 규제 개선 및 실질적인 제도 개선 방안 등을 모색한다. [서울=뉴스핌] 김양섭·김가희 기자 = 국내 금융권이 한 달 넘게 이어진 연쇄 해킹에 업권을 가리지 않고 뚫렸다. 지난달 1일 신한은행의 고객정보 유출 공개 이후 시중은행과 저축은행, 캐피탈사, 새마을금고중앙회로 번진 침해사고는 지난달 말 대신증권과 미래에셋자산운용, 미래에셋생명, 빗썸으로 이어졌고 한양증권에서도 유출이 확인됐다. 금융당국이 지난달 14일 집계한 침해 금융사만 16곳, 유출 정보는 약 10만건이었다. 뚫린 곳은 대부분 핵심 뱅킹망이 아닌 외곽 시스템이었다. 금융당국은 지난달 4일 사고를 세 유형으로 나눴다. 본인확인 없이 대출신청 내역 등을 조회할 수 있던 정보조회 서비스, 기기 접근통제가 빠졌거나 웹 취약점이 있던 프라이빗뱅커(PB)·기업금융 담당자(RM) 등 직원 업무지원 서비스, 이미 알려진 취약점으로 악성코드가 심어져 고객정보가 담긴 로그파일이 빠져나간 홈페이지다. 금융당국이 금융회사 555곳의 자체 보안점검 결과를 공개한 지 2주 만에 증권·보험업권에서 추가 사고가 나오면서 체크리스트 방식 점검의 실효성에도 의문이 제기된다. [AI 일러스트= 김가희 기자] ◆ 모집인 조회서비스 뚫리자 고객 정보까지…신한 2만5729명·국민 2210명 유출 4일 금융권에 따르면 이번 연쇄 해킹에서 가장 먼저 드러난 신한은행 사고는 모바일 홈페이지 'M신한'의 대출모집인용 조회 서비스에서 시작됐다. 아이디와 비밀번호만 있으면 들어갈 수 있는 서비스였다. 신한은행이 국회에 제출한 자료를 보면 공격자는 9월 28일 저녁부터 고객번호 등 입력값을 무작위로 바꿔 넣으며 조회를 반복했고 휴대전화 인증 우회도 시도했다. 8개국 인터넷 프로토콜(IP) 주소를 바꿔가며 들어왔고, 은행은 15시간26분 뒤에야 이상을 알아챘다. 유출 고객은 2만5729명이다. 이름·전화번호와 연소득, 산출 대출한도 등이 빠져나갔고 주민등록번호 66건과 연계정보(CI) 97건도 포함됐다. 금융당국은 지난달 4일 은행 4곳과 예가람·웰컴저축은행, 현대캐피탈 등 7개사 사고 가운데 여러 곳에서 동일 공격자로 추정되는 IP가 발견됐고 인공지능(AI) 도구를 활용한 정황이 있다고 밝혔다. 비슷한 접근 시도를 받은 우리은행과 NH농협은행에서는 유출이 확인되지 않았다. 우리은행은 대출모집인이 지정 태블릿에서 별도 인증서와 생체인증을 거쳐야 업무시스템에 들어갈 수 있고, 농협은행은 모집인에게 내부망 접속 권한이나 별도 업무시스템을 주지 않는다. KB국민은행은 직원용 모바일 업무지원 시스템 'RM 에이전트'와 'PB 에이전트'가 뚫렸다. 지난달 2일 고객 119명 유출을 밝혔다가 26일 재조사에서 고객 1631명과 임직원 460명을 추가로 확인해 피해가 2210명으로 늘었다. 하나은행은 영업지원시스템(ODS)에서 고객 89명의 주민등록번호·주소·직장명 등이 유출됐다. 최병호 고려대 휴먼인스파이어드AI연구원 교수는 이번 사고를 개별 회사가 아닌 금융권 전반의 구조적 취약점 문제로 봤다. 그는 "이번 사고는 본사가 아닌 외곽 조직이 털린 것이어서 망분리와는 관계가 없다"며 "외곽 조직은 업무 편리성이나 직원 복지, 매출 때문에 보안 등급을 의도적으로 낮춰온 곳"이라고 말했다. 이어 "과거 인간 해커는 목표를 정해 오래 준비했지만 AI 에이전트는 수천 개가 금융권 전체를 실시간으로 훑다가 취약점을 찾으면 바로 공격한다"며 "관행처럼 해오던 부분을 AI 에이전트가 간파한 것"이라고 진단했다. [AI 일러스트= 김가희 기자] ◆ 자체점검 '적정' 대신증권도 뚫려…협력사 연계서버서 3만8490명 유출 대신증권은 지난달 17일 투자일임 비대면 계좌개설 연계서버에서 비정상 접근을 포착했다. 고객 3만8490명의 이름·이메일·주소와 암호화된 계좌번호 등 8개 항목이 유출됐다고 지난달 28일 밝혔다. 대신증권은 당국의 12개 항목 자체점검에서 미흡사항이 없다고 보고한 것으로 전해졌으며, 뚫린 연계서버는 당시 점검 대상에 들어 있지 않았다고 밝혔다. 같은 날 미래에셋자산운용도 업무용 웹 시스템에 외부 IP가 비정상 접근해 일부 업무 정보가 유출됐다고 밝혔다. 고객정보 유출은 없었다고 했다. 한양증권도 지난달 29일 외부 그룹웨어에 대한 비정상 접근으로 고객정보 15건을 포함한 개인정보 31건이 유출된 사실을 확인했다. 주민등록번호가 포함된 건은 3건이다. 한 자산운용업계 관계자는 "운용업계는 개인 고객 정보를 직접 다루는 일이 적어 그동안 보안 투자 우선순위가 은행·증권·카드보다 낮았던 게 사실"이라며 "중소형사는 자체 보안 인력을 꾸리기 어려워 전산을 외주에 의존하는 곳이 많은데, 외주업체가 뚫리면 같이 피해를 입는 구조적 위험이 있다"고 말했다. 그는 "대신증권과 미래에셋자산운용 사고가 알려진 뒤 점검 수위가 한 단계 더 올라갔다"며 "외부에 노출된 시스템을 전수 파악해 접근통제를 다시 확인하고 점검 범위를 외주·연계 구간까지 넓히고 있다"고 전했다. 빗썸은 사내 모바일 그룹웨어가 뚫려 고객 6444명과 임직원·협력사 직원 715명의 정보가 유출됐다고 지난달 29일 밝혔다. 고객 844명분은 암호화되지 않은 채 노출됐고 주민등록번호·신분증 사본 등이 포함됐다. 빗썸은 당국 자체점검 때 최신 보안패치 적용이 미흡하다고 보고했던 것으로 전해졌다. 보험사 가운데 처음 해킹 유출을 신고한 미래에셋생명은 지난달 25일 이상 징후를 발견했다. 홈페이지와 청약시스템 일부가 침해돼 이름·주민등록번호·계좌번호 등 홈페이지 서비스 관련 정보가 빠져나갔다. 유출 규모는 아직 확정되지 않았다. ◆ 10년 된 데이터베이스 쓰던 예가람 4만3246명 유출…웰컴·현대캐피탈은 닷새 뒤 인지 예가람저축은행에서는 고객 4만3246명의 정보가 유출됐다. 규모가 공개된 사례 가운데 가장 많고 상반기 말 거래자(16만2731명)의 4분의 1이 넘는다. 이 중 320명은 주민등록번호·계좌번호·거래내역 등 다른 항목까지 빠져나갔다. 해커는 9월 16일 고객정보 서버에 접근했지만 은행은 14일 뒤에야 이를 알아챘다. 국정감사에서는 침해 관련 시스템에 2016년 출시된 구버전 데이터베이스(DB) '레디스(Redis) 3.0.7'이 쓰였고 1년 전 공개된 취약점도 패치되지 않은 상태였다는 지적이 나왔다. 예가람저축은행은 사고 당시 금융보안원 회원사도 아니었다. OK저축은행은 지난달 11일 대출신청 웹페이지, 15일 모바일 수신서비스 홈페이지가 잇따라 뚫려 고객 250명의 연소득·대출금액 등과 268명의 계좌번호·잔액 등이 유출됐다. 웰컴저축은행과 현대캐피탈은 9월 27일 공격을 받고도 닷새 뒤 금융보안원이 공유한 공격 IP로 접속 기록을 살피다 침해를 확인했다. 웰컴저축은행에서는 법인 인터넷뱅킹 아이디·대표자 이름 등 2370건(중복 포함)이 유출됐다. 현대캐피탈은 주택대출 모집인 조회페이지가 공격받아 모집인 146명의 주민등록번호가 노출됐다. 새마을금고중앙회 공제 홈페이지에서도 회원 400여명의 정보가 빠져나갔고, 중앙회는 약 60시간 뒤 금융보안원이 전달한 의심 IP를 분석하고서야 이를 알았다. 김명주 인공지능안전연구소(AISI) 소장은 최 교수와 달리 뚫리지 않은 회사도 있는 만큼 개별 회사의 문제로 봐야 한다고 했다. 그는 "기업마다 부가서비스로 했거나 보안을 등한시했던 부분이 계속 뚫리고 있다"며 "금융권도 보안을 비용으로 보기 때문에 사고가 안 나면 아까운 돈이다 보니 몇 년씩 사고가 없자 늘려야 할 투자를 계속 줄이다가 이번에 터진 것"이라고 말했다. 실제 금융권 정보보호 인력 비중은 수년째 10%를 밑돈다. 금융감독원이 강민국 국민의힘 의원실에 제출한 자료를 보면 올해 6월 말 7개 업권의 정보기술(IT) 인력 2만7508명 가운데 정보보호 인력은 2654명(9.6%)으로, 은행(8.8%)과 증권(9.5%)은 평균에도 못 미쳤다. ◆ 555곳 중 130곳 '미흡'…패치·인증·관제 기본 항목서 구멍 금융위원회가 지난달 14일 공개한 긴급 자체점검에서 금융회사 555곳 가운데 130곳(23.4%)이 보안패치 미적용, 기술지원이 끝난 노후 시스템 관리 미흡, 24시간 보안관제 미구축, 대외시스템 인증·인가 누락, 다중인증(MFA) 미도입 등 미흡사항을 보고했다. 나머지 425곳은 '적정'으로 보고했다. 신진창 금융위 사무처장은 지난달 14일 "수 차례에 걸쳐 전수점검과 관리 강화를 주문했음에도 금융회사에서 기본적인 부분이 잘 지켜지지 않는 사례가 발견된 것은 매우 뼈아픈 부분"이라고 말했다. 금융감독원도 금융권의 이행이 충분하지 않다고 판단했다. 사고 전부터 기본 보안 통제 보완과 외부 접점 악용 주의 등을 전파했고, 긴급 체크리스트 점검 때 필수적인 경우를 빼고 외부 접근을 원칙적으로 차단하도록 했지만 가시적인 변화가 나타나지 않았다는 것이다. 이찬진 금감원장은 전날 임원회의에서 "사고 회사가 유의사항과 자체점검을 제대로 이행했는지 살피고, 종합금융투자사업자·보험사 등 대형 금융회사도 은행권과 같이 CEO 등 경영진 책임까지 엄중하게 물으라"고 지시했다. 대부업·가상자산업·온라인투자연계금융업 등 전자금융거래법 미적용사를 포함한 전 금융권의 외부 접점을 전수 점검하고, 형식적 점검에 그친 곳은 엄중 조치하라고도 했다. 오는 5일에는 이억원 금융위원장이 5대 시중은행장·금융협회장 등과 간담회를 열고 AI 해킹 대응 방안을 논의한다. 최 교수는 미국·유럽처럼 외부 공격을 가정해 취약점을 찾는 '레드팀' 점검을 상시화해야 한다고 했다. 그는 "그동안은 체크리스트로 점검하거나 자기 보고에 의존해 보고할 때는 문제가 없다고 했을 것"이라며 "정부가 보안 품질을 평가하거나 보안 성과를 공시해 주가에 반영되도록 하면 기업이 돈을 쓸 수밖에 없는 구조가 된다"고 말했다. 김 소장은 보안을 투자로 보는 인식과 CEO가 책임지는 구조를 개선 과제로 꼽았다. 그는 "지금은 CEO가 아니라 개인정보·정보보호 담당자가 책임을 지고, 사고가 나면 그 사람을 잘라버리면 끝"이라며 "갈수록 AI를 쓴 공격이 늘어날 텐데 이전 보안 시스템으로는 막을 수 없는 만큼 은행도 AI 시스템을 갖춰 미리 방어에 신경 써야 한다"고 말했다. [사진=금융위원회] ssup825@newspim.com 2026-11-04 06:00
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