South Korea plans to strengthen cybersecurity reviews of financial institutions, 130 institutions found to have security deficiencies

Odaily News: The Financial Services Commission (FSC) of South Korea stated that it will push to strengthen threat monitoring, increase the frequency of security assessments, and enhance executive accountability. An industry review showed that 130 out of 555 financial companies have cybersecurity deficiencies, involving 16 previous security incidents.

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

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