Most overseas hacking attempts on South Korean banks remain unattributed, lawmaker says
A lawmaker reported that attackers were identified in only two of 18 foreign hacking incidents targeting South Korean financial firms since 2024.
Rep. Song Eon-seok of the People Power Party highlighted that, based on Financial Supervisory Service records, South Korean financial institutions faced 18 suspected overseas hacking attacks from 2024 through early October, yet attackers were identified in only two instances. The July incident at Seoul Guarantee Insurance Co. was linked to the GUNRA ransomware gang, and an April breach at Baro Savings Bank was attributed to the INC Ransom group.
Of the other 16 cases, 13 involved IP addresses believed to originate abroad, while three lacked any identifiable source. Countries such as China, the United States, Bulgaria and Vietnam were mentioned, though IP locations do not confirm physical presence. Recent leaks of client data at Hana Bank, KB Kookmin Bank and Shinhan Bank have raised alarm over potential wider exposure. Song urged the rapid deployment of AI-driven defenses to better trace and block such attacks.
Why it matters
Unidentified cyber threats to banks risk large-scale data breaches and financial instability in South Korea.
How this story developed
- Oct 4 President Lee orders full inquiry into recent bank data breach incidents
- Oct 5 Regulators have ordered banks to block non‑essential external connections and carry out emergency security audits.
- Oct 6 President Lee ordered allocation of manpower and budget for response as police opened a cyber‑crime investigation.
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