Korean banks plan security spending increases after data breaches

What happened: South Korea's major banks are preparing to raise security spending after data breaches. Shinhan and Woori cut this year's budgets by double digits and are now reversing course. Key numbers: Shinhan allocated 40.59 billion won, down 10.4 percent. Woori cut 21.7 percent to 61.57 billion won. KB led at 86.08 billion won. Combined budgets rose 3.8 percent to about 332 billion won. Why it matters: Even banks that raised budgets suffered breaches, prompting fresh investment plans. Shinhan aims for an industry-leading budget and an AI-powered security operations center.

South Korea's major banks are preparing to raise security spending after data breaches. Shinhan and Woori cut this year's budgets by double digits and are now reversing course.

Even banks that raised budgets suffered breaches, prompting fresh investment plans. Shinhan aims for an industry-leading budget and an AI-powered security operations center.