Major banks plan bigger cybersecurity budgets for 2027
Major Korean banks are preparing to raise their information security spending next year following a wave of suspected artificial intelligence (AI) agent-driven cyberattacks and data breaches across the financial sector, industry officials said Sunday. Some intend to commit at least 100 billion won ($75 million) each to bolstering cyber defenses. The lenders have also launched urgent inspections…
Korean banks are set to allocate larger sums towards cybersecurity in 2027, amid a surge of suspected AI-powered cyber attacks and data breaches within the financial industry, according to industry insiders. Several banks aim to invest at least 100 billion won, approximately $75 million, into enhancing their cyber defenses. Additionally, lenders have initiated urgent assessments and temporarily halted certain services to tackle a recently disclosed vulnerability in PHP, a programming language utilized for constructing web applications, such as user logins and online posts.
Hana Bank intends to allocate over 100 billion won for information security next year, marking a more than 50 percent rise compared to this year. Key areas for investment include creating AI-driven defenses against cyber threats and recruiting security experts. NH NongHyup Bank is contemplating a budget increase of roughly 20 percent, which would bring its spending to around 100 billion won. KB Kookmin Bank has already announced plans to reserve over 100 billion won for security purposes next year.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Major banks plan bigger cybersecurity budgets for 2027 koreatimes.co.kr
