Lee Eokweon: "AI-Based Hacking Possible... Financial Sector Must Maintain Maximum Vigilance"

Emergency Meeting Across the Financial Sector
Emphasis Placed on Proactive Response

Lee Eokweon, Chairman of the Financial Services Commission, addressed the recent data breaches resulting from hacking attacks targeting the financial sector, stating, "We cannot rule out the possibility of attacks leveraging artificial intelligence (AI)." He urged financial institutions to maintain the highest level of vigilance.

Eokwon Lee, Chairman of the Financial Services Commission. Photo by Yonhap News

On the afternoon of October 4, Lee held an emergency inspection meeting at the Government Complex Seoul with representatives from the financial sector on proactive threat response. He remarked, "Within a short period, multiple breaches have been identified not only at major commercial banks but also at savings banks, capital firms, and in various other industries." He stressed, "It is time for the entire financial sector to exercise the utmost caution."

Regarding the characteristics of the recent attacks, Lee explained, "There have been confirmed cases where external web pages and servers—areas that had previously received relatively less attention and were used for work convenience purposes by loan brokers and employees—became targets." He pointed out, "Even with robust security systems, a single vulnerability can compromise the entire defense."

Concerning the leaked data, he noted, "So far, there is no indication that sensitive information, which could be directly used for unauthorized payments, has been leaked." However, he added, "We cannot rule out the potential for secondary damage, such as voice phishing or smishing, using the leaked information," urging that, "We must remain alert and respond proactively." He further emphasized, "If similar incidents occur because institutions neglect required inspections and responses, despite the existence of shared threat information and reported cases, strict accountability will be enforced in accordance with relevant laws and regulations."

The meeting was attended by the heads of associations representing the entire financial sector—including banking, financial investment, insurance, credit finance, savings banks, mutual finance, virtual asset, and fintech—as well as executives from financial companies that had suffered breaches. Institutions confirmed to have experienced data leaks include Shinhan Bank, KB Kookmin Bank, Hana Bank, BNK Busan Bank, and, in the secondary financial sector, Hyundai Capital, Yegaram Savings Bank, and Welcome Savings Bank.

The financial authorities had initially planned to have each institution conduct its own review over the holiday period, which extends through October 5, and report the results on October 7. However, as new incidents continued to emerge over the weekend, they moved the meeting forward in order to strengthen the response.

This content was produced with the assistance of AI translation services.