South Korea has expressed fears that the rising sophistication of hacking automation could be used in a series of suspected attacks on banks, fintech platforms and nonbank financial institutions, with the authorities warning this is perfectly possible for AI.
The suspected breach submitted to the National Office of Investigation is part of an investigation into a mass breach of more than 68,000 people in several financial institutions. KB Kookmin Bank and Hana Bank suffered smaller exposures, having affected approximately 2,600 and 2,200 of their clients’ personal credit information, respectively.
The following non-bank lenders and fintech firms involved in external intrusion cases include Yegaram Savings Bank, the Hyundai Capital, Mouda and PFC Technologies. The digital-only banks, KakaoBank and Toss Bank, reported that they caught suspicious attempts at users’ accounts but data belonging to the users was not leaked.
South Korean President Lee Jae-myung noted that signs of such use of an AI system to target system vulnerabilities and to automate portions of the attacks were discovered. Police are looking into if the cases are related to a ring.
The Financial Services Commission issued a statement urging financial firms to be even more vigilant with respect to cybersecurity. Additionally, the Financial Supervisory Service and Financial Security Institute have determined 28 IP addresses of automated probes and issued every sector the same financial security information about those threats.
These incidents highlight a rising worry that AI might facilitate more rapid cyber reconnaissance and vulnerabilities in critical systems. South Korea’s authorities are now focused on finding the culprits and calling on financial institutions to beef up their real-time detection and response.
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FAQs
What happened in the financial sector of South Korea?
Authorities are looking into potential cyberattacks targeting financial institutions including banks, fintech firms, and non-bank lenders, with more than 68,000 people allegedly impacted by the attacks.
How has AI been used in the attacks?
South Korean officials believe that AI might have been used to find vulnerabilities and to automate certain aspects of the reconnaissance and intrusion process.
What are South Korea’s measures to tackle the cyberattacks?
Financial regulators have directed for more robust measures to protect information systems in financial transactions, and police and security services are questioning hacking techniques and presumed perpetrators.
