Major banks plan bigger cybersecurity budgets for 2027

The PHP vulnerability, disclosed recently, could allow attackers to execute commands on a server without authentication. This means they might bypass typical security checks, potentially exposing customer data or enabling them to take control of the server. Given PHP's role in processing web server requests, including user logins and online posts, this flaw directly impacts the integrity of services where customer interaction occurs.

In response, the Financial Security Institute has urged banks to inspect for affected PHP versions, install patches, and check for breaches. Banks using outdated versions were advised to update. KB Kookmin Bank has completed security measures for two of its five relevant services and will suspend the remaining three, while Woori Bank has finished securing two external services. These actions suggest an immediate and practical effort to contain and mitigate the risk.

While Hana Bank, NH NongHyup Bank, and Shinhan Bank reported no confirmed exposure among their relevant customer-facing services after reviews, the overall banking sector is reacting with substantial budget increases. Hana Bank plans a 50% increase, focusing on AI-powered defenses and hiring specialists. NH NongHyup Bank is considering a 20% rise, and KB Kookmin Bank has announced plans to exceed 100 billion won. This reflects a sector-wide acknowledgment of evolving threats, including those potentially driven by AI.