South Korea is preparing to strengthen its cybersecurity measures for financial institutions following a series of attacks that targeted banks and cryptocurrency firms. The Financial Services Commission (FSC) announced plans to improve threat monitoring, increase security assessments, and hold executives more accountable after an industry-wide review identified vulnerabilities in 130 out of 555 financial companies. The review revealed that approximately 100,000 pieces of customer information, including names, contact details, and identification numbers, were exposed across the affected firms.
The investigation covered 16 companies, including Gopax operator Streami and crypto trading platform Prabang, which previously disclosed that an Oct. 2 hack exposed personal information of some customers. Under the proposed reforms, larger financial institutions will need to undergo vulnerability assessments at least twice a year. The FSC also plans to enhance information-sharing systems and is considering the use of artificial intelligence for security monitoring in smaller companies.
The regulator is also exploring the possibility of conducting additional cybersecurity inspections outside of regular schedules when urgent threats emerge. The FSC is still investigating whether the incidents involved AI use or were linked to the same attackers. The proposed reforms aim to prevent future incidents and ensure the protection of customer data.