South Korea's Financial Services Commission (FSC) announced a stricter cybersecurity assessment system after an industry-wide review identified security flaws at 130 of 555 financial companies. The vulnerabilities resulted in the leak of approximately 100,000 customer records, including names, contact information, and ID numbers.
The reform mandates large financial institutions to undergo vulnerability assessments at least twice annually and introduces AI monitoring for small and medium-sized companies. The FSC is currently investigating whether the breaches involved AI or were executed by a single attacker, with affected entities including crypto exchange operator Streami and trading platform Prabang.
South Korea Tightens Financial Cybersecurity Rules After 130 Firms Found Vulnerable
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