Banks Accelerate Security Investments Following Recent Cyberattacks

In response to a series of hacking incidents and data breaches in the financial sector, major banks are expected to increase their information security budgets and expand their pool of security professionals.

According to the financial sector on October 11, KB Kookmin Bank plans to raise its information security budget to over 100 billion won next year, restructuring its group-wide information security management system. This represents an increase of more than 16% from this year's budget of 86.075 billion won. The bank is also working to complete an artificial intelligence (AI) threat response security project, which has received approximately 5.1 billion won in funding this year.

Shinhan Bank is currently analyzing the information security budget allocation and execution of major banks over the past three years to determine future investment directions. A Shinhan Bank official stated, "We will allocate our information security budget at the industry’s highest level and view security as an investment rather than a cost to strengthen our information security system."

Hana Bank is also pursuing a security system build-up worth hundreds of millions of won.

Woori Bank is considering increasing its budget for security system construction by more than 20% next year and expanding its professional workforce by over 10%, although this plan has not yet been finalized.

NH Nonghyup Bank plans to enhance its information security investments next year, focusing on strengthening its capabilities to prevent and respond to cyber threats, including server security, AI safety verification, and external attack surface management.

The bank is also accelerating efforts to recruit security professionals. A Nonghyup Bank official explained, "To effectively respond to the increasing cyber threats, we are hiring additional experts in open-source vulnerability analysis, security design, white hat hacking, and data analysis security."

Shinhan Bank is similarly working to recruit external experts, including AI security specialists and white hat hackers.