Kookmin and Hana pursue information security budgets of at least 100 billion won each next year

The five major banks—KB Kookmin, Shinhan, Hana, Woori and NH NongHyup—are pursuing larger information security budgets for next year following repeated personal data leaks. Shinhan Bank allocated 40.591 billion won to information security this year and is considering raising next year's budget to one of the highest levels in the financial sector.

Kookmin Bank plans to increase its information security budget from 86.075 billion won this year to at least 100 billion won next year. Hana Bank has also decided to raise its budget from 63.635 billion won this year to at least 100 billion won next year, while Woori Bank is considering an increase of at least 20% in its information security systems budget.

NH NongHyup Bank is collecting departmental targets and draft budgets as it prepares its 2027 business plan. It is also considering a larger information security budget and plans to finalize the investment amount between late November and early December after an internal review.

The five banks allocated a combined 332 billion won to information security this year, up 12 billion won from about 320 billion won last year. Shinhan Bank and Woori Bank reduced their respective budgets this year by 10.4% and 21.7% from the previous year.

Earlier, on the 19th, the chiefs of the five major banks appeared at the National Assembly's National Policy Committee audit of the Financial Supervisory Service and agreed on the need to strengthen security systems following repeated hacking incidents. They stated their intention to increase related investment.