South Korean bank CEOs summoned for parliamentary audit over recent cyber breaches

On Monday, the CEOs of South Korea's five major commercial banks—KB Kookmin, Shinhan, Hana, Woori and NH NongHyup—are set to testify before a parliamentary audit panel after a wave of cyberattacks compromised customer and employee data. The National Assembly's National Policy Committee passed the summons on Oct. 8, marking the first collective appearance of all five bank heads since a 2022 audit on embezzlement. Shinhan Bank suffered the most extensive breach, affecting roughly 25,000 customers, while KB Kookmin disclosed data on 119 individuals and Hana on 89 customers; attacks on Woori and NH NongHyup did not lead to data loss.

Shinhan's cybersecurity spending, the lowest among the group at 40.59 billion won, is expected to draw criticism. The audit also comes as the five CEOs face reappointment decisions before Dec. 31, with Shinhan's Jung Sang-hyuk entering the end of his second term. Findings from the Financial Supervisory Service investigation could influence those renewal prospects.