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South Korean authorities have launched an investigation into cyberattacks targeting financial institutions after President Lee Jae Myung warned that artificial intelligence (AI) may have been used in some of the incidents, raising concerns over the growing sophistication of cyber threats.
Speaking at a Cabinet meeting on Tuesday, October 6, Lee called for a swift investigation into the attacks and urged officials to mobilise resources to minimise the damage. He also stressed the need to strengthen cybersecurity capabilities to address threats emerging in the AI era.
The attacks have reportedly exposed customers’ personal information at several financial institutions, including Shinhan Bank and KB Kookmin Bank. Reports from South Korea’s Yonhap News Agency also identified Hana Bank and other financial firms among those affected by breaches or attempted intrusions.
South Korean police have initiated a full-scale investigation into the incidents. Authorities are working to establish the circumstances surrounding the attacks, assess the extent of the data exposure and determine whether AI tools were involved.
The developments have prompted regulators to intensify their response. Financial Services Commission Chairman Lee Eog-weon convened an emergency meeting with financial industry representatives, regulators and executives of affected institutions on Sunday, calling for heightened vigilance across the sector.
The suspected use of AI in the attacks highlights growing concerns about how emerging technologies could be exploited to support cybercrime. AI tools can potentially help attackers automate certain tasks, analyse information and create more convincing phishing messages, increasing the challenges faced by security teams.
Similar concerns have emerged internationally. In September, Australian authorities reported that an AI agent had gained unauthorised access to files through a government health data portal. Separately, an AI research firm reported attempted AI-agent intrusions against a Canadian government website, although Canadian authorities said there was no indication that their systems had been compromised.
South Korea’s investigation is ongoing, and the role of AI in the banking incidents remains to be established. The findings could help determine how financial institutions need to adapt their security systems to address evolving cyber risks.
Speaking at a Cabinet meeting on Tuesday, October 6, Lee called for a swift investigation into the attacks and urged officials to mobilise resources to minimise the damage. He also stressed the need to strengthen cybersecurity capabilities to address threats emerging in the AI era.
The attacks have reportedly exposed customers’ personal information at several financial institutions, including Shinhan Bank and KB Kookmin Bank. Reports from South Korea’s Yonhap News Agency also identified Hana Bank and other financial firms among those affected by breaches or attempted intrusions.
South Korean police have initiated a full-scale investigation into the incidents. Authorities are working to establish the circumstances surrounding the attacks, assess the extent of the data exposure and determine whether AI tools were involved.
The developments have prompted regulators to intensify their response. Financial Services Commission Chairman Lee Eog-weon convened an emergency meeting with financial industry representatives, regulators and executives of affected institutions on Sunday, calling for heightened vigilance across the sector.
The suspected use of AI in the attacks highlights growing concerns about how emerging technologies could be exploited to support cybercrime. AI tools can potentially help attackers automate certain tasks, analyse information and create more convincing phishing messages, increasing the challenges faced by security teams.
Similar concerns have emerged internationally. In September, Australian authorities reported that an AI agent had gained unauthorised access to files through a government health data portal. Separately, an AI research firm reported attempted AI-agent intrusions against a Canadian government website, although Canadian authorities said there was no indication that their systems had been compromised.
South Korea’s investigation is ongoing, and the role of AI in the banking incidents remains to be established. The findings could help determine how financial institutions need to adapt their security systems to address evolving cyber risks.
