Photo: Ryan Murphy / Getty Images, via CoinDesk (archive)
South Korean President Lee Jae Myung called Tuesday for a powerful government-wide cybersecurity coordinator after the $6.3 billion Binance hack, saying the country needs stronger authority to protect public agencies, financial institutions and critical infrastructure.
Lee made the proposal during a Cabinet meeting in Seoul, CoinDesk’s Olivier Acuna reported at 11:49am EST on November 3, citing The Korea Times. The proposed body would coordinate cybersecurity across government and private businesses. It has not been established, and no timetable has been announced.
“The existing security system, which centers on inspections and after-the-fact responses, is showing clear limitations,” Lee said, according to the report.
Earlier detection and faster sharing
Lee warned that rapid advances in artificial intelligence are making cybercriminals more sophisticated and harder to confront. He called for earlier detection of threats and faster information sharing, rather than relying mainly on inspections and responses after an attack.
The call follows the October 29 theft from Binance. As JBizNews previously reported, Binance said the attackers used a fake job interview and an AI tool to gain access to computers before stealing $6.3 billion.
The FBI attributed the attack to North Korea’s TraderTraitor hacking group, according to CoinDesk. North Korea denied responsibility. Lee did not name North Korea himself when discussing the Binance attack.
Security checks already underway
South Korea’s National Intelligence Service has ordered security checks at more than 2,100 government bodies and public institutions. The science ministry is inspecting roughly 170 major private-sector infrastructure facilities, including financial and telecommunications companies, CoinDesk reported, attributing those figures to The Korea Times.
Those inspections are separate from Lee’s proposal for a new coordinating body. The government has not announced when it would create that body, leaving the structure and rollout of the proposed cybersecurity coordination effort unresolved.
JBizNews Desk | Seoul
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