South Korea plans cybersecurity overhaul after attacks hit banks, crypto firms

South Korea is proposing tougher cybersecurity assessments after a review identified security deficiencies at 130 financial firms.

South Korea is planning tighter cybersecurity requirements for financial institutions after an investigation into earlier security incidents involving 16 companies, including crypto exchanges. 

The Financial Services Commission (FSC) said it would pursue improved threat monitoring, more frequent security assessments and stronger accountability for executives after an industry-wide review found cybersecurity deficiencies at 130 of 555 financial companies. 

The FSC said about 100,000 pieces of customer information had been exposed across the affected firms, including names, contact details and identification numbers. 

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