More than 470,000 personal data records were leaked from 37 South Korean financial companies in 40 incidents detected since Sept. 30, the Financial Services Commission said Nov. 5. Estimated stolen funds totaled 1 billion won ($745,000), with losses affecting some smaller brokerages, insurers and online financial businesses while customers’ money remained intact. The regulator said the exposed information did not include names, national identification numbers or bank account numbers that could enable illegal financial transactions. The affected firms included four commercial banks, five financial investment firms, three insurance companies and five savings banks. The FSC met with officials from financial trade associations, the Financial Supervisory Service and the Financial Security Institute to review data-protection systems and artificial intelligence capabilities. It plans to inspect 580 financial companies and review their internal security controls by the end of November. FSC Chairman Lee Eog-weon said management, including chief executives, would be held accountable for serious security failures or negligent responses. South Korean financial firms are also considering tighter cybersecurity oversight for senior executives next year, including more detailed security responsibilities and compliance checks. The proposed approach would focus not only on formally assigning duties but also on how executives monitor security risks and demonstrate that they are meeting their obligations. The broader response includes stronger vulnerability assessments, immediate incident reporting by virtual asset providers, expanded dark-web monitoring, AI-based transaction screening and a planned Digital Financial Security Act for the first quarter of 2027.