South Korea plans cybersecurity overhaul after attacks hit banks, crypto firms

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South Korea plans to tighten cybersecurity rules for financial institutions after a review found weaknesses at 130 of 555 companies, including crypto businesses.

The Financial Services Commission said security incidents across 16 firms exposed around 100,000 pieces of customer information, including names, contact details and identification numbers. Affected companies include Streami, the operator of crypto exchange Gopax, and trading platform Prabang.

Proposed measures include more frequent security assessments, stronger executive accountability and improved threat monitoring. Larger institutions would face vulnerability checks at least twice a year, while the regulator is considering AI-based security monitoring for smaller firms.