Bank hacking spree raises stakes for upcoming CEO reshuffle

A series of cyberattacks targeting South Korea's leading banks is intensifying pressure for leadership changes at the country's five major financial institutions, according to industry insiders. All five bank CEOs are scheduled to have their contracts expire by the end of the year, making the upcoming CEO reshuffle a critical moment for the nation's banking sector.

The incidents, some of which involved sophisticated artificial intelligence technology, have prompted heightened scrutiny of banks' cybersecurity protocols ahead of this month's parliamentary audit. The audit, conducted by the Financial Services Commission, will likely focus on the causes of repeated data breaches at the institutions.

Congressman Park Sang-hyuk, a member of the ruling Democratic Party of Korea and secretary to the National Assembly's National Policy Committee, has called for an appearance by the heads of the five largest commercial banks - KB Kookmin, Shinhan, Hana, Woori and NH NongHyup - to investigate the root of the data leaks. However, the window for selecting witnesses for the audit has already closed, suggesting that the CEOs may be called to testify during the Financial Supervisory Service's audit on October 17 or the committee's concluding session on October 22.