Key facts
- 130 of 555 financial companies had cybersecurity deficiencies.
- 100,000 customer information pieces were exposed.
- Larger institutions will face bi-annual vulnerability assessments.
South Korea is planning to strengthen cybersecurity regulations for its financial sector following an investigation that revealed security weaknesses at numerous institutions, including cryptocurrency exchanges. The Financial Services Commission (FSC) stated that a review identified deficiencies at 130 out of 555 financial companies, leading to the exposure of approximately 100,000 customer information records. The affected firms include Gopax operator Streami and crypto trading platform Prabang. The proposed reforms include more frequent vulnerability assessments for larger institutions, enhanced information-sharing systems, and potential use of AI for security monitoring in smaller firms. The FSC is also considering allowing unscheduled inspections in response to emerging threats.