South Korea's Financial Services Commission has approved the 2026 Recovery and Resolution Plans for ten financial institutions, including major groups like Shinhan, KB, Hana, Woori, and Nonghyup. These plans now formally address risks from cyber attacks and potential digital bank runs. As online financial transactions grow, the Commission aims to enhance monitoring indicators to detect liquidity risks earlier. Financial institutions are also required to bolster their cyber security responses and prepare for scenarios involving simultaneous asset sell-offs and liquidity competition during market shocks.
South Korea Enhances Crisis Plans for Major Banks Amid Digital Risks
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