Jakarta:South Korean banks are contemplating increased investment in cybersecurity measures and personnel following recent hacking incidents targeting local financial institutions. Major banks, including Shinhan Bank, Hana Bank, and KB Kookmin Bank, have reported breaches involving customer data exposure, which has heightened concerns about the extent of these cybersecurity threats.
According to Yonhap News Agency, Shinhan Bank disclosed that personal information of approximately 25,000 customers, including names, phone numbers, and annual incomes, was leaked on October 1. The attackers reportedly utilized advanced artificial intelligence tools in their operations.
In response to these AI-driven breaches, KB Kookmin Bank aims to elevate its cybersecurity budget to over 100 billion won (approximately US$74 million) by 2027, from 86.07 billion won this year. Shinhan Bank also plans a record allocation for cybersecurity, while Hana Bank intends to invest tens of billions of won in enhancing its security systems next year.
These financial institutions are also set to increase their cybersecurity workforce in the coming year. The initiative aligns with President Lee Jae Myung's recent demand for a comprehensive investigation into the hacking incidents.
The Financial Supervisory Service (FSS) has identified Internet Protocol (IP) addresses in 12 countries suspected of being associated with the AI-assisted attacks. However, investigators have not yet pinpointed some of the locations linked to these IP addresses.