Banks mull higher cybersecurity spending after AI-linked hacking incidents: sources
SEOUL, Oct. 11 (Yonhap) -- South Korean banks are considering increasing spendin...
South Korean banks are contemplating raising their cybersecurity spending after experiencing a wave of hacking incidents linked to artificial intelligence, according to industry sources. Major financial institutions such as Shinhan Bank, Hana Bank, and KB Kookmin Bank have disclosed customer data breaches in recent months, prompting concerns about the extent of the intrusions.
Shinhan Bank revealed on October 1 that the personal details of around 25,000 customers, including names, phone numbers, and annual incomes, were leaked. The hackers allegedly utilized advanced AI tools to carry out the attacks. Additional banks have also reported similar leaks or exposure of customer information. In response to these AI-linked cyberattacks, KB Kookmin Bank intends to boost its cybersecurity budget to over 100 billion won in 2027, up from 86.07 billion won this year.
Shinhan Bank plans to allocate a record budget for cybersecurity, while Hana Bank aims to invest tens of billions of won in enhancing its security systems in the coming year. The banks also anticipate increasing their cybersecurity personnel next year. These measures follow President Lee Jae Myung's call for an extensive investigation into the attacks.
The Financial Supervisory Service (FSS) identified IP addresses in 12 countries on Monday that are suspected of being involved in the AI-assisted hacking incidents. However, investigators were unable to determine the locations associated with some of the IP addresses.
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