The South Korea Financial Services Commission has set out a financial sector cybersecurity overhaul after confirming breaches at 16 firms across banking, consumer finance, electronic payments, online investment and virtual assets. About 100,000 records containing personal information have been exposed, although no leakage of account or card numbers linked directly to unauthorized payment risk has been identified. Investigators are examining the attack methods, links between cases, whether the same actor was responsible and the possible use of artificial intelligence, while further affected firms may emerge. A completed 12-point review of 555 firms found deficiencies at 130, particularly among electronic financial businesses and online investment firms. Weaknesses included missing security patches, poor management of systems no longer supported by vendors, a lack of continuous monitoring and inadequate controls over externally exposed systems. Firms have been directed to remedy the issues immediately through patching, equipment replacement, stronger monitoring, multifactor authentication and tighter access controls. The Commission plans a broader review of firms’ attack surfaces, authentication, internal controls and executive reporting responsibilities. It will also pursue wider sharing of firms’ threat intelligence, an AI threat-level framework and AI-based vulnerability testing, alongside more frequent assessments for larger firms and support for smaller institutions. The measures develop its earlier push for AI-enabled cyber defenses and would be reinforced through stronger chief executive accountability and more effective sanctions, with the detailed scope and timetable for the systemwide review to be agreed with the industry.

Original source