South Korea plans tougher crypto security after 16 hacks

South Korea has proposed stricter cybersecurity rules for banks, cryptocurrency businesses and other financial companies after confirming security incidents at 16 institutions, approximately 100,000 exposed customer records and weaknesses at 130 of 555 firms reviewed as of October 14. The Financial Services Commission (FSC) announced the proposals following its second emergency response meeting in Seoul, where officials reviewed the recent attacks and the results of an industrywide security inspection. Planned changes include more frequent vulnerability assessments, improved threat monitoring and clearer responsibility for company executives. The FSC completed a review of 555 financial companies using a 12-point cybersecurity checklist by October 8. Of those businesses, 425 reported that their security measures met the checklist requirements, while 130 identified problems requiring correction.

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