South Korea Proposes Tougher Cybersecurity Rules After Bank and Crypto Attacks

South Korean authorities are proposing stricter cybersecurity assessments for financial companies after a review turned up security deficiencies at 130 financial firms. The move follows a string of attacks that hit banks and cryptocurrency businesses.

The proposal would tighten how financial institutions are evaluated on their security practices, shifting the focus from periodic checks toward more demanding requirements. Details of the new framework have not been finalized.

• A review identified security shortcomings at 130 financial firms
• The proposed changes would strengthen cybersecurity assessments for those firms
• The push comes after attacks affecting banks and crypto companies

South Korea is one of Asia's more active crypto markets, and its regulators have steadily increased scrutiny of exchanges and other financial platforms in recent years. How the proposed assessments are implemented will determine how much additional compliance burden falls on banks and crypto firms operating there.