AI-powered attacks on banks expose technological lag in Korea's financial cyber defenses

Cyber defenses across Korea’s financial sector are facing intense scrutiny after a string of attacks hit banks and other financial companies, raising fears that artificial intelligence (AI)-assisted cyberattacks could outpace existing security measures. Seven financial firms have reported information leaks so far since Thursday, including three of the country’s largest commercial banks — Shinhan Bank, KB Kookmin Bank and Hana Bank — along with Busan Bank, Yegaram Savings Bank, Welcome Savings Bank and Hyundai Capital. More than 67,000 people are believed to have been affected. The leaked information includes customers’ names, contact details, resident registration numbers, annual income and loan limits. AI-powered attacks The latest incidents differ from some of the biggest cybersecurity breaches in the past, when the core IT or transaction systems of individual institutions were compromised. This time, multiple firms were targeted in quick succession, with attackers apparently looking for easier ways in. The cyber criminals, believed to be based overseas, repeatedly probed less