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…
South Korea's leading banks are significantly boosting their cybersecurity spending for the upcoming year, in response to a string of hacking incidents, according to data released on Monday. The country's four largest financial institutions are set to invest a combined total of over 100 billion won ($74 million) in information security measures in 2027, a staggering 2.8 times their current budget.
Shinhan Bank, for instance, intends to allocate 115 billion won, more than doubling its present spending of 40.6 billion won on cybersecurity. Hana Bank has earmarked 100.1 billion won, while Woori Bank is earmarking 76.3 billion won for the next year. KB Kookmin Bank is also contemplating a hike in its budget, though the exact amount has not been confirmed.
The surge in cybersecurity expenditures is a direct response to a series of cyberattacks, believed to have been aided by artificial intelligence, that have caused alarm across the financial industry. In October, a data breach at Shinhan Bank exposed personal details of around 25,000 customers, while a separate breach at KB Kookmin Bank affected a significantly larger number of 2,210 individuals.
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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- Banks ramp up cybersecurity budgets for 2027 following hacking spree koreatimes.co.kr
