South Korea’s Financial Services Commission (FSC) has asked financial firms to inspect every IT system and service reachable from outside, tighten authentication and access controls, and share threat information quickly. The request followed reported incidents at Shinhan Bank and other major financial companies; the FSC’s October 2, 2026 announcement did not disclose how many people or records were affected or confirm the incidents’ technical causes.
What prompted the security checks?
On October 2, 2026, the FSC convened an emergency financial-sector response meeting chaired by Secretary-General Shin Jin-chang. Attendees included the Financial Supervisory Service (FSS), the Financial Security Institute (FSI), six banks, three card companies, the Korea Federation of Banks and the Korea Credit Finance Association. The FSC said participants shared information about recent information leaks and attack methods and discussed the sector’s response. The FSC announcement cited an information-leak incident at Shinhan Bank on September 30 and additional cyberattack impacts at major financial companies, including KB Kookmin Bank.
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The announcement does not specify the number of affected people or records, what information was exposed, or confirmed root causes. It describes reported incidents and attack impacts, not completed investigation findings.
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What systems and controls must firms review?
The FSC identified three priorities for financial companies’ security checks:
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1. Inventory all externally accessible systems
Firms are to identify external-facing IT assets and services comprehensively, then check vulnerabilities and access controls on systems reachable from outside. The scope is not limited to customer-facing websites or apps: it includes externally accessible systems even when they do not directly serve customers.
2. Tighten authentication and access to internal information
Companies are to look for routes to internal information that can be reached without authentication, and check that authentication is properly applied when staff or systems query personal or other internal information. The focus is both whether access requires authentication and whether access controls are adequate for the information being queried.
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3. Share threat details across the sector
The FSC called for rapid sharing of attacker IP addresses, attack methods and attempted-intrusion details with relevant agencies and other financial companies. The aim is to help firms identify and address similar attempts across the sector.
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The FSC said it would support firms’ self-inspections with a vulnerability-checklist and have them submit or report their results soon. The announcement gives no exact submission deadline and does not describe the request as a new law or regulation.
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The FSC, FSS and FSI said they were beginning on-site investigations promptly after receiving incident reports and sharing threat information with relevant bodies, including the Korea Internet & Security Agency (KISA). The FSC also said affected companies would be closely supervised to ensure consumer-protection and compensation obligations are carried out. These are announced response steps and intentions; the release does not provide a specific compensation mechanism or report completed investigation findings.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What does the announcement establish—and what remains unclear?
It establishes the authorities’ inspection priorities and their stated plans for information-sharing, self-checks and follow-up. It does not establish the breach scale, the specific data exposed, a confirmed technical cause, or detailed remediation for customers. Consumers seeking incident-specific guidance should rely on notices from their financial institution or subsequent official updates rather than assume the announcement identifies who was affected.
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