Korea Council of Corporate Directors (KCCD) / 한국기업이사회협의회: Coupang breach exposes data of nearly 34 million customers

**South Korea’s Financial Watchdog Calls for Increased Cybersecurity Spending Amid Rising Threats**

South Korea’s Financial Supervisory Service (FSS) is pressing corporations to boost cybersecurity budgets, warning that current investment levels fall short of international standards and leave businesses vulnerable to catastrophic breaches. FSS Governor Lee Chan-jin, speaking at his first press briefing since taking office in August, highlighted the disparity in spending, noting that Korean companies allocate far less to security than their U.S. counterparts and even the global average.

Lee emphasized the severe financial risks of underinvestment, stating that a major cyber incident could threaten business continuity or even lead to bankruptcy. The push for higher budgets comes as recent cyberattacks underscore the growing sophistication and frequency of threats targeting critical financial systems. The FSS’s stance reflects broader concerns over the country’s preparedness to counter evolving cyber risks in an increasingly digital economy.

Source: https://www.insurancebusinessmag.com/asia/news/cyber/coupang-breach-exposes-data-of-nearly-34-million-customers-559518.aspx

Korea Council of Corporate Directors (KCCD) / 한국기업이사회협의회 cybersecurity rating report: https://www.rankiteo.com/company/kccd

"id": "KCC1765306489",
"linkid": "kccd",
"type": "Cyber Attack",
"date": "12/2025",
"severity": "100",
"impact": "5",
"explanation": "Attack threatening the organization's existence"

{'description': 'Watchdog pushes for higher cybersecurity budgets following '
                'recent incidents in South Korea. The Financial Supervisory '
                'Service (FSS) urges corporates to increase security-related '
                'investment, citing lagging international benchmarks and '
                'inadequate risk recognition.',
 'impact': {'operational_impact': 'Potential bankruptcy risk due to breaches'},
 'lessons_learned': 'Current cybersecurity spending levels in South Korea lag '
                    'international benchmarks and do not match the scale of '
                    'risk to business continuity.',
 'post_incident_analysis': {'root_causes': 'Inadequate cybersecurity '
                                           'investment and low risk '
                                           'recognition among Korean '
                                           'companies.'},
 'recommendations': 'Increase security-related investment to align with '
                    'international standards and mitigate risks of '
                    'catastrophic breaches.',
 'references': [{'source': 'Korea Times'}],
 'stakeholder_advisories': 'FSS Governor Lee Chan-jin advises corporates to '
                           'recognize the risk of bankruptcy due to cyber '
                           'breaches and increase cybersecurity budgets.'}