South Korean banks plan higher cybersecurity spending after data breaches

Major South Korean banks are preparing to increase spending on security systems and expand specialist teams after customer data breaches this month. Yonhap reported the plans for 2027 on October 11, citing industry sources.

KB Kookmin Bank intends to allocate more than 100 billion won to cybersecurity, compared with 86.07 billion won in 2026, according to the agency. Shinhan Bank plans a record budget, while Hana Bank plans investment running into tens of billions of won. The banks also expect to add cybersecurity personnel.

Shinhan Bank disclosed on October 1 that information belonging to about 25,000 customers had leaked, including names, phone numbers and annual incomes. Reports of the attack said hackers used artificial intelligence tools. Other banks also reported leaks or exposure of customer information.

President Lee Jae Myung ordered a thorough investigation on October 4. The spending figures describe banks' plans for next year rather than investments already completed.