South Korea Plans to Strengthen Cybersecurity Reviews of Financial Institutions, 130 Institutions Found to Have Security Deficiencies

Odaily reports that South Korea's Financial Services Commission (FSC) has announced plans to enhance threat monitoring, increase the frequency of security assessments, and strengthen executive accountability. An industry review revealed that 130 out of 555 financial companies have cybersecurity deficiencies, involving 16 prior security incidents.

The FSC stated that the affected institutions had approximately 100,000 customer records exposed in total, including names, contact information, and ID numbers. Affected institutions include Streami, the operator of Gopax, and cryptocurrency trading platform Prabang, which previously disclosed that a hack on October 2 resulted in the leak of some customers' personal information.

Under the proposed reforms, large financial institutions would undergo vulnerability assessments at least twice a year, and regulators also plan to strengthen information sharing and consider using AI to monitor the security posture of smaller companies. In the event of urgent threats, regulators may also conduct additional inspections beyond routine assessments. Authorities are still investigating whether the incidents involved AI or were carried out by the same attacker. (Cointelegraph)