National Security Advisor Cho Tae-yong convened the standing committee of the National Security Council(NSC) on Wednesday in response to North Korea's failed launch of a projectile.

The session followed a meeting held by the National Security Office to check up on the security situation following the North's launch of what it claims was a rocket carrying a surveillance satellite, which fell into the Yellow Sea due to engine failure.

The NSC is reportedly seeking response measures based on the projectile's trajectory and the point where debris fell.

The Council is also keeping tabs on further developments in the North, as the regime has announced plans for a second launch.

The presidential office said that President Yoon Suk Yeol has been updated on the situation in real time since receiving an initial briefing at 6:29 a.m.

Earlier this week, Seoul warned that Pyongyang will pay the price and suffer the consequences should it push ahead with the launch using its ballistic missile technology, which is a violation of United Nations Security Council resolutions.