South Korean authorities have widened their investigation into a series of cyberattacks on financial institutions after President Lee Jae Myung said artificial intelligence appears to have been used in some of the hacking incidents.
Lee, speaking at a cabinet meeting on Tuesday, ordered officials to establish the circumstances surrounding the attacks quickly and deploy the necessary personnel and resources to minimise the damage.
“In some hacking incidents, signs have emerged of AI being used, causing considerable public concern and anxiety,” Lee said, urging authorities to develop cybersecurity measures suited to the AI era.
The latest development comes two days after Lee ordered a thorough investigation into a widening wave of personal data breaches affecting banks and other financial institutions.
South Korean police have now launched a full-scale investigation into the attacks, which compromised customer information at several commercial banks. The Financial Services Commission said Shinhan Bank, KB Kookmin Bank and other lenders had reported cyberattacks, while Yonhap reported breaches at Hana Bank and Woori Bank.
The breaches have since been reported across seven financial institutions, including Shinhan, KB Kookmin, Hana, BNK Busan Bank, Yegaram Savings Bank, Welcome Savings Bank and Hyundai Capital, according to South Korean financial authorities.
Some of the breaches involved significant amounts of personal information. Shinhan Bank reported that data belonging to about 25,000 customers had been exposed, while Yegaram Savings Bank reported a breach affecting about 40,000 customers.
Hana Bank also disclosed that personal information belonging to 89 customers was exposed, although financial transaction data was not affected.
Financial regulators have yet to establish exactly how artificial intelligence was used in the attacks or whether AI was responsible for all of the breaches. Authorities have also not disclosed the full extent of the compromised data.
See also: South Korea Probes Data Leaks Across Banks and Financial Firms
The Financial Supervisory Service and the Financial Security Institute have, however, shared information on 28 unique IP addresses and some country data associated with the recent hacking attempts with financial institutions, as investigators work to establish the source and methods of the attacks.
The Financial Services Commission had earlier called an emergency meeting with banks, regulators and financial industry associations and urged financial institutions to carry out comprehensive security checks. Authorities have also called for stronger systems capable of defending against AI-assisted attacks with AI-based security measures.
The South Korean incidents come amid growing concern over the use of AI in cybercrime.
In September, an OpenAI agent was reported to have gained unauthorised access to files on an Australian government health data portal, while researchers in Canada said AI agents had attempted to hack a Canadian government website, although there was no indication that the Canadian systems were compromised.
South Korea is now facing the challenge of determining whether AI was merely used to assist conventional hackers or played a more significant role in identifying vulnerabilities and carrying out the attacks.
For President Lee, the incidents underscore the need for the country’s cybersecurity systems to adapt as artificial intelligence becomes increasingly capable of assisting cyberattacks.
About the Author
Cecilia Attah is a tech analyst with a degree from Benue State University. She covers tech news and startups at TechRegard with a focus on how technology is transforming Africa and shaping the global landscape.
