Editorials
A coordinated cyberattack wave hit Korean financial institutions, underscoring the need to secure externally connected systems against AI-driven threats.
A wave of cyberattacks believed to have used AI agents has hit institutions across Korea’s banking and nonbank financial sectors. Shinhan Bank, KB Kookmin Bank, Hana Bank, BNK Busan Bank, Yegaram Savings Bank, Welcome Savings Bank and Hyundai Capital suffered leaks involving customer information. Mutual financial institutions, including the Korean Federation of Community Credit Cooperatives, were also attacked, although no information was leaked. Korea’s financial sector as a whole should now be considered exposed to AI-powered attacks.
Core computer networks handling deposits, loans and transfers are separated from the external internet for security. The latest attacks did not penetrate these harder-to-breach networks. Instead, hackers targeted weaker links connected to the outside.
Fortunately, systems managing customers’ core transactions and balances were not exposed. But secondary damage, including voice phishing using leaked personal information, cannot be ruled out.
President Lee Jae Myung on Sunday ordered a thorough investigation and countermeasures, stressing the seriousness of the attacks. Financial Services Commission Chairman Lee Eog-weon, joined by Financial Supervisory Service Gov. Lee Chan-jin at an emergency meeting, called on the financial sector to maintain the highest level of vigilance.
The incidents highlight both the danger of AI-powered hacking and weaknesses in defenses against it. As AI technology advances, hacking capabilities are becoming more sophisticated. Given a target, an AI agent can determine attack methods itself and exploit small vulnerabilities to create routes into systems. In July, an agent based on an OpenAI model was found to have autonomously hacked an outside system, causing alarm. Korea urgently needs security defenses on a fundamentally different level to prevent potentially devastating disruptions to its financial system.
It has not yet been confirmed whether securities firms, insurers and credit card companies were also targeted. Given the breadth of the attacks, however, more financial companies may have been affected.
Financial authorities should conduct a comprehensive investigation to determine the full extent of the damage. They should quickly share information about the methods and techniques used so financial institutions can strengthen their defenses.
Individual companies must also thoroughly examine externally connected computer systems to ensure personal information is not unnecessarily exposed, creating vulnerabilities for attackers. The latest incidents are a warning: Network separation alone is no longer enough. Financial institutions must identify every external connection that can become an entry point and strengthen security before AI-driven attackers find the next weak link.
This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
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