(EDITORIAL from Korea JoongAng Daily on Oct. 29)

Financial firms in Korea must prioritize cybersecurity investment and regulation following recent hacking incidents, according to Korea JoongAng Daily. A series of breaches at major firms like Daishin Securities, Mirae Asset Global Investments, and Bithumb has raised serious concerns about security across the financial sector. The latest attacks followed a major cyber assault on over a dozen institutions, including Shinhan Bank and Welcome Savings Bank, which exposed personal data of tens of thousands of customers.

Daishin Securities reported the theft of eight types of personal information from 38,490 customers, though its core systems avoided further damage. However, the repeated breaches highlight the urgent need for stronger cybersecurity measures. Financial Supervisory Service Governor Lee Chan-jin cautioned that simultaneous cyberattacks, facilitated by AI, will likely become common.

He called for more robust defensive systems, a warning that regulators should have anticipated rather than reacting to. Despite this, financial regulators have been criticized for failing to proactively inspect institutions' security systems and ensure adequate preparation. Financial institutions themselves must also invest more generously in security to protect customer information and assets.

Cybersecurity is no longer an optional expense but a fundamental obligation of financial institutions entrusted with customers' money and sensitive personal data. Every institution, not just those recently affected, must immediately enhance defenses and conduct continuous security checks.