Banks ramp up cybersecurity budgets for 2027 following hacking spree
Korea's major banks are sharply increasing their cybersecurity budgets for next year following a series of hacking incidents, with some lenders planning to spend more than 100 billion won ($74 million) on information security, data showed Monday. According to data submitted by the country's four major banks to Rep. Lee Yang-soo of the main opposition People Power Party, Shinhan Bank plans to…
Major Korean banks are significantly boosting their cybersecurity expenditures for 2027 in response to a string of hacking incidents, with some financial institutions planning to invest over 100 billion won ($74 million) in information security, according to recent data. Shinhan Bank intends to allocate 115 billion won, nearly doubling its current budget of 40.6 billion won for this year.
Hana Bank has earmarked 100.1 billion won for cybersecurity, while Woori Bank plans to spend 76.3 billion won. KB Kookmin Bank is also expected to raise its budget, though the final amount remains undetermined. These increased allocations come in the wake of a series of suspected AI-assisted cyberattacks that have raised alarms throughout the financial industry.
Notably, a data breach at Shinhan Bank in October exposed the personal information of approximately 25,000 customers, while a separate breach at KB Kookmin Bank affected 2,210 customers, a substantial increase.
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.
