South Korea's Financial Services Commission will hold a financial security meeting on November 5, involving banks and

SEOUL — South Korea's Financial Services Commission will convene a financial security meeting on Nov. 5, chaired by FSC Chairman Lee Eok-won, bringing together heads of the country's five major commercial banks, leaders of key financial industry associations, and representatives of DAXA, the joint consultation body of digital asset exchanges, to discuss responses to hacking and AI-related security threats in the financial sector. The agenda centers on preventing AI-powered hacking attacks, identifying and countering AI-based voice phishing, and building a new cybersecurity framework, while also reviewing implementation of previously mandated security measures at financial institutions. The meeting follows a string of recent cybersecurity incidents at South Korean financial institutions that have affected 20 organizations spanning banking, securities, insurance, and crypto assets. Three virtual asset service providers, including exchanges Bithumb and Streami, are among the affected institutions. The inclusion of crypto exchanges signals growing regulatory concern over digital asset platform security alongside traditional finance. Watch for whether the meeting produces new mandatory security requirements for VASPs and any follow-up measures affecting exchange operations.