Investing.com — South Korean regulators ordered financial institutions to carry out security inspections after a series of cyberattacks exposed personal information belonging to tens of thousands of customers.
Financial Services Commission Chairman Lee Eog-weon called for swift and thorough checks across the financial sector following an emergency meeting Sunday with executives from financial institutions and industry groups.
Institutions were instructed to complete internal inspections promptly and report their findings to authorities as regulators assess vulnerabilities exposed by the recent attacks.
Initial investigations indicate that some attackers targeted external websites and servers used by loan agents and employees, which received less security monitoring than core financial systems.
Lee said authorities could not rule out artificial intelligence being used in the attacks. He called for faster development of security systems capable of using AI to defend against AI-powered threats.
Several South Korean financial institutions have recently reported breaches. About 40,000 customers at Yegaram Savings Bank were affected, along with around 25,000 customers at Shinhan Bank.
KB Kookmin Bank, BNK Busan Bank and Hyundai Capital were also among the financial institutions affected by recent security incidents
The breaches have increased pressure on banks and regulators to strengthen oversight of systems sitting outside institutions’ main technology infrastructure, including those accessed by third-party agents and employees.
South Korean President Lee Jae Myung was briefed on the breaches and the government’s response, according to presidential spokesperson Kang Yu-jung.
Kang said the president viewed the incidents with “grave concern” and had instructed officials to conduct a thorough investigation and prepare measures in response.
The push comes as financial institutions face the prospect of increasingly sophisticated cyber threats, with regulators now examining whether AI tools played a role in the latest incidents.
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