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Korea FSC sets cyber-defense measures after AI-driven hacks hit banks and virtual asset service providers, including November guidelines for VASP incident reporting

Read the item · published 2026-11-05

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Confidence
High Primary source (regulator / official record); quote string-matched against the live page.
Quote verified
2026-11-05 12:03 UTC
Archived snapshot
SHA-256 a635a3f266153bcec724cff408f4c47cabe4fae358f2d3b4fa22b303ea32cac5 · fetched 2026-11-05
Saved excerpt around the quote (source text, 2026-11-05)
… potential hacking information with all financial sectors through the joint anti-hacking control system ("FIRST" operated by the FSS). This will go on a pilot operation in December and adopted by all financial sectors in the first quarter of next year. Under the current regulatory framework, certain types of business entities such as virtual asset service providers are not obligated to immediately report data breaches or hacking attacks to the financial authorities but are only required to report to the Korea Internet & Security Agency (KISA). Since virtual asset service providers are closely linked to all financial sectors and their reporting is deemed to be crucial for effective investigation, quick dissemination of information, and consumer protection, authorities will seek to prepare …
Change log (1)
  1. 2026-11-05 Published

Verified quotes

  • “Under the current regulatory framework, certain types of business entities such as virtual asset service providers are not obligated to immediately report data breaches or hacking attacks to the financial authorities but are only required to report to the Korea Internet & Security Agency (KISA).”
  • “Some smaller sized companies in the virtual asset, electronic financial services, and online P2P lending sectors reported loss of funds amounting to a total of about KRW1 billion so far.”
  • “Since virtual asset service providers are closely linked to all financial sectors and their reporting is deemed to be crucial for effective investigation, quick dissemination of information, and consumer protection, authorities will seek to prepare guidelines in November to require virtual asset service providers to immediately report to the financial authorities if there are hacking attacks.”
  • “Virtual asset service providers and insurance general agencies that tend to manage significant scales of customer information and are directly exposed to potential loss of customer funds in hacking attacks will be required to maintain a level of cybersecurity system currently mandated under the Electronic Financial Transactions Act.”

String-matched against https://www.fsc.go.kr/eng/pr010101/88092 by our verifier before every deploy.

AI-drafted from the primary source; quote string-matched against the live source page · AI-assisted