South Korean banks on high alert after wave of cyberattacks
Authorities found the same attacker’s internet protocol address across all seven affected firms.
South Korean financial institutions are facing heightened security concerns following a series of cyberattacks on seven major banks. The breaches, which exposed personal data of thousands of individuals, prompted emergency measures as authorities investigate whether artificial intelligence was used to penetrate the defenses. Shinhan Bank and Yegaram Savings Bank reported the largest breaches, affecting around 25,000 and 40,000 people, respectively.
The Financial Services Commission convened an emergency meeting on Oct 4 and ordered firms to limit external access to systems unless absolutely necessary. While there is no evidence that data usable for financial crimes was leaked, exposed information could be used for voice phishing and fraudulent text messages. The attacks were traced to a single attacker using an AI-powered tool, which targeted less-secure noncore systems.
Regulators plan to overhaul the sector's security framework in response to the incident, emphasizing the need to strengthen defenses against evolving cyber threats.
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