Industry insiders said on Sunday that multiple South Korean banks are considering increasing their investment in cybersecurity systems and personnel after a series of hacking incidents in the country.

Major banks including Shinhan Bank, Hana Bank, and KB Kookmin Bank have each disclosed hacking incidents this month that led to customer data leaks, fueling concerns over the actual scale of the information breaches.

Shinhan Bank reported on October 1 that the personal information of approximately 25,000 customers had been leaked, including names, phone numbers, and annual income figures. It is understood that the hackers used advanced artificial intelligence tools in the attacks.

Other banks have also reported similar customer information leaks.

Sources indicate that in response to these AI-assisted attacks, KB Kookmin Bank plans to raise its cybersecurity budget to more than 100 billion won (equivalent to $74 million) by 2027, up from 86.07 billion won this year.

Insiders said Shinhan Bank plans to allocate a record level of cybersecurity budget, while Hana Bank intends to invest tens of billions of won next year to reinforce its security systems.

Each bank also plans to expand its cybersecurity workforce next year.

South Korean President Lee Jae-myung demanded a thorough investigation into the attacks over the weekend, after which the major banks introduced the above measures.