Strengthened Cybersecurity Review for South Korean Financial Institutions, 130 Institutions Found Deficient

The Financial Services Commission (FSC) of South Korea will push to strengthen cybersecurity reviews of financial institutions, planning to increase the frequency of threat monitoring and security assessments, as well as enhance executive accountability. An industry review revealed that out of 555 financial companies, 130 had cybersecurity deficiencies, involving 16 security incidents. The affected institutions have collectively exposed approximately 100,000 pieces of customer information, including names, contact details, and identification numbers. Affected institutions include Streami, the operator of Gopax, and the cryptocurrency exchange Prabang, which suffered a hacker attack on October 2, resulting in the leakage of some customers' personal information. The proposed reforms require large financial institutions to undergo at least two vulnerability assessments annually, and regulators also plan to strengthen information sharing and consider using AI to monitor the security status of smaller companies. In the event of an urgent threat, regulators may conduct additional inspections, and investigations are ongoing to determine whether the related incidents involve AI or were perpetrated by the same attacker.

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