The Financial Services Commission of South Korea announced plans to tighten cybersecurity regulations following an industry-wide review. The investigation revealed security deficiencies at 130 out of 555 examined financial institutions, including several cryptocurrency exchanges.
Security incidents involving 16 companies resulted in the exposure of approximately 100,000 customer records, including names, contact details, and identification numbers. Among the affected entities are the Gopax operator Streami and the trading platform Prabang, which reported a breach on October 2.
Proposed reforms include mandatory vulnerability assessments for larger institutions at least twice a year. The regulator intends to improve threat monitoring, strengthen executive accountability, and enhance information-sharing systems across the financial sector.
The commission is exploring the use of artificial intelligence to assist smaller firms with security monitoring. Additionally, the regulator may conduct unscheduled cybersecurity inspections if urgent threats are detected to mitigate future risks.
