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. Summary South Korea confirmed breaches at 16 financial companies, including two cryptocurrency businesses, following recent cyberattacks. Financial regulators found security weaknesses at 130 of 555 firms during an industrywide checklist review. Authorities estimated approximately 100,000 customer records were exposed, including names, contact details, and identification numbers. Larger financial institutions could face vulnerability checks twice yearly under South Korea’s proposed cybersecurity reforms. Investigators have not established whether artificial intelligence facilitated attacks or the same perpetrators targeted firms. 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 as...