After banks and cryptocurrency companies in South Korea were attacked, the country plans to comprehensively reform its cybersecurity system.

After investigating security incidents that occurred earlier at 16 companies, including cryptocurrency exchanges, South Korea is planning to implement stricter cybersecurity requirements for financial institutions.

The Financial Services Commission of South Korea ( FSC ) stated that in a review covering the entire industry, 130 out of 555 financial companies were found to have cybersecurity vulnerabilities. Following this, regulatory authorities will promote improvements in threat monitoring, increase the frequency of security assessments, and strengthen accountability for senior executives.

FSC indicates that approximately 100,000 records of customer information from affected companies have been leaked, including names, contact details, and identification numbers.

The affected companies include Gopax operator Streami, as well as the cryptocurrency trading platform Prabang. The latter previously disclosed that a hacker attack on October 2nd led to the leakage of personal information of some customers.

According to the proposed reform measures, larger financial institutions will be required to undergo vulnerability assessments at least twice a year. Regulators also plan to strengthen information sharing systems and consider using artificial intelligence for security monitoring in smaller companies.

As part of measures to prevent similar incidents from occurring in the future, regulatory authorities are also considering allowing for additional cybersecurity checks outside of the regular assessment schedule in the event of urgent threats.

FSC indicates that investigations are still ongoing to determine whether these incidents involve the use of artificial intelligence or whether they are related to the same group of attackers.

Related Reading:South Korea plans to block 27 cryptocurrency websites, including KuCoin and MEXC.