Science & Tech · Cybersecurity · 1 hr ago
South Korea’s financial regulator urges banks to strengthen cybersecurity
South Korea’s financial regulator chief Lee Chan-jin urged banks to strengthen IT security at a meeting with bank holding company board chairs in Seoul on October 28.
He said security protects customers’ money and information and is essential to trust in finance.
He warned that cyberattacks are growing more advanced and spreading to non-core systems at financial companies.
Lee said the use of AI in hacking could make weaknesses easier to find and attacks more frequent.
He called on banks to manage their IT systems and find and fix security gaps themselves rather than treating security as a box-ticking exercise or a cost to limit.
The regulator said it would stay in close contact with the industry and provide needed support, but no further steps or timetable were given.
South Korea’s financial regulator urged bank holding companies to strengthen their ability to respond to IT security threats.
Financial Supervisory Service Governor Lee Chan-jin said IT security protects customers’ assets and information and is essential to financial trust.
Lee warned banks against treating security as a secondary task or security investment only as a cost.
He said cyberattacks on domestic financial companies are becoming more sophisticated and reaching beyond core facilities.
He urged companies to manage their IT assets and find and remove security weaknesses themselves.
- Who
- Financial Supervisory Service Governor Lee Chan-jin urged bank holding companies to strengthen cybersecurity.
- What
- He called for stronger IT security responses and self-directed defenses against vulnerabilities.
- When
- October 28, 2026.
- Where
- A regular meeting with bank holding company board chairs at the Financial Supervisory Service in Seoul.
- Why
- Cyberattacks are becoming more sophisticated, and AI is being used for hacking, according to Lee.
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- Speaker
- Lee Chan-jin, Financial Supervisory Service governor
- Meeting date
- October 28, 2026
- Meeting location
- Financial Supervisory Service, Seoul
- Audience
- Bank holding company board chairs
- Threat cited
- AI is being used as a hacking tool
What people are saying
IT security is a core task for protecting customers’ assets and information and for financial trust
I hope you will work to improve IT security response capabilities across your groups
The practice of treating IT security as a secondary task, formally complying only with regulatory requirements, or failing to commit sufficient personnel and resources because IT security investment is seen as a cost must not be repeated
Trust is the longest-lasting and strongest competitive advantage