South Korean Defense Ministry Spokesperson Kim Min-seok in a press briefing on Tuesday said there are currently no signs that North Korea is preparing for any additional provocations.
But he added that the South Korean military is ready just in case.
"We will retaliate if North Korea attacks again, at an appropriate level to stop their provocations."
The ministry says the artillery rounds fired on Monday afternoon were from multiple rocket launchers, which lack accuracy, especially compared to the the precision of the K-9 self-propelled heavy artillery used by South Korea.
Officials say that, out of the 500 shells fired by the North during a live-fire military drill, around 100 fell almost three-and-a-half kilometers over the border in South Korean waters near Baengnyeongdo Island.
South Korea military retailiated in line with a new rule of engagement that is based on the principle of taking "an eye for an eye."
In response to the hundred North Korean shells that landed south of the Northern Limit Line, the South Korean military's response was three-fold, with 300 K-9 self propelled heavy artillery shells fired into North Korean waters.
However, tensions may be on the rise, this time, on the eastern coast of the peninsula.
According to local media reports citing an unidentified high-level government official, North Korea earlier issued a no-sail zone in the East Sea from Monday through Friday.
That has raised speculation that Pyongyang might be gearing up for another ballistic missile launch.
In another development, an unidentified unmanned aerial vehicle was found crashed on Baengnyeongdo Island on Monday afternoon, one hour after the two Koreas stopped exchanging fire.
The South Korean military is investigating to determine where it came from, and whether North Korea was involved.
Kim Hyun-bin, Arirang News.