South Korea’s Lee says AI appears to have been used in bank hacks

South Korean President Lee Jae Myung stated on Tuesday that artificial intelligence (AI) models may have been utilized in recent hacking incidents targeting banks. He acknowledged growing concerns over the use of AI in cyberattacks during a cabinet meeting. Lee emphasized the need for swift and decisive action to prevent further damage, urging authorities to prioritize resources and personnel to mitigate the risks.

The South Korean police have initiated a comprehensive investigation into the hacking attacks, which compromised customers' personal information, according to the Yonhap news agency. KB Kookmin Bank and other commercial banks, including Shinhan Bank and Hana Bank, reported cyberattacks on Friday, while Yonhap also reported breaches at Woori Bank.

Authorities have yet to disclose the specific AI tools employed in the hacking incidents or the extent of the breaches. Following the incident, the Financial Services Commission (FSC) chairman, Lee Eog-weon, convened an emergency meeting with financial industry associations, regulators, and executives from affected institutions.

He stressed the importance of the sector remaining vigilant and adopting stringent cybersecurity measures in the AI era.