Korean banks plan security spending increases after data breaches

South Korea's biggest banks are preparing to boost security spending following a wave of data breaches, with Shinhan Bank and Woori Bank reversing course after cutting this year's budgets by double digits. The attacks exposed customer information through systems used by employees and loan agents, as even banks that had increased their security budgets suffered breaches. Shinhan earmarked 40.59 billion won ($30.4 million) for information security this year, the least among the five major lenders

Source: The Korea Herald