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Korea lags behind global peers in cyber insurance despite wave of hacks

Cyber risks are escalating across the globe, but Korea's insurance market — meant to cushion businesses from potential fallout from hacks — is barely keeping pace with global peers, according to industry officials, Tuesday. The nation's cyber insurance sector accounts for just about 0.02 percent of global premiums, a negligible share for one of the world’s most digitally advanced economies. The gap is becoming harder to ignore, as a string of high-profile breaches have rattled major industries from telecom and finance to e-commerce. Companies such as SK Telecom, Coupang, YES24 and Lotte Card have all made headlines for being hacked in recent months. The scale of the threat is growing quickly. Korea experienced 2,383 cyber incidents in 2025 alone — nearly double the level from just two years earlier — with server hacking accounting for the largest share, according to the Korea Internet & Security Agency. Despite the surge in attacks, the country’s cyber insurance market remains underdeveloped relative to the size of its economy and Korea's overall insurance market. A 2024 repor

Apr 22, 2026By Park Han-sol
Korea lags behind global peers in cyber insurance despite wave of hacks

Hana Financial, FSS join hands to nurture next-gen finance talent

Hana Financial Group launched a youth training program aimed at developing future finance talent, the group said Tuesday. The program, designed to provide hands-on training opportunities for young people seeking careers in finance, is also backed by the Financial Supervisory Service (FSS), Amazon Web Services and Microsoft. The launch event, which took place at the group's headquarters in Seoul, Monday, included a competition session to select participants for a three-month training course running through July. Among the attendees were Hana Financial Group Chairman Ham Young-joo, FSS Senior Deputy Gov. Kim Seong-wook, British Ambassador to Korea Colin Crooks, Future for Youth Foundation Chairman Lee Hoon-kyu and Um Jong-hwan, head of environmental, social and governance (ESG) at SK Telecom. Twenty teams of university students took part in the competition, presenting financial service ideas using technologies such as artificial intelligence (AI), blockchain and cloud data. "This project is meaningful in that it supports youth employment while helping young people build capabilities in area

Apr 21, 2026By Lee Hyo-jin
Hana Financial, FSS join hands to nurture next-gen finance talent

Woori Bank CEO joins president’s state visit to India

Woori Bank CEO Jung Jin-wan attended the Korea-India Business Forum in New Delhi, held on the sidelines of President Lee Jae Myung's state visit to the South Asian nation, the bank said Tuesday. At the forum held on the previous day, Jung met with Indian business leaders to discuss market trends and explore opportunities to expand the bank's presence in the world's most populous country. Around 600 business executives and government officials from both countries attended to discuss potential areas of cooperation. Jung was the only head of a major Korean commercial bank included in the president's business delegation during the three-day trip. Woori Bank currently operates five branches across key Indian cities — Chennai, Mumbai, Gurugram, Pune and Ahmedabad — and plans to incorporate insights from the CEO's latest visit into its future strategy. As part of his itinerary, Jung also visited Akshya Pratisthan, a school in Gurugram, where he delivered donations for underprivileged children. The bank said it is expanding its social contribution efforts in India alongside its business opera

Apr 21, 2026By Lee Hyo-jin
Woori Bank CEO joins president’s state visit to India

Banks turn to rehiring retirees amid workforce restructuring

After retiring in 2024 from a three-decade career at Woori Bank, a 55-year old man surnamed Lee is back at the bank on contract as a specialist handling post-loan management. He was rehired in January to monitor loans and manage credit risk after disbursement. "I applied after hearing about the rehiring program because I wanted to put my experience to use in my second career," Lee said. "I worked my way up to branch manager, so I can share that experience with younger staff. I'm also learning a lot from them in this fast-changing banking environment." Korea's major banks are increasingly rehiring retired employees like Lee as they close branches and cut staff, tapping experienced workers to fill expertise gaps on the ground. According to industry data, released Monday, the five major banks — KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank and NH Nonghyup Bank — have rehired 5,458 retired employees on contract between 2021 and February this year, averaging about 1,000 a year. About 290 were rehired in the first two months of this year alone. These rehired bankers are increasingly

Apr 21, 2026By Lee Hyo-jin
Banks turn to rehiring retirees amid workforce restructuring

Banks expand services for foreign customers as migrant numbers rise

Korean banks are moving to better serve foreign residents as the migrant population grows, according to industry officials Monday. The number of foreign customers at five major banks — KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank and NH Nonghyup Bank — reached a combined 6.97 million as of March. Foreign customers now account for about 5 percent of total clients, reaching 6.91 million in 2025, up from 6.64 million in 2024 and 6.36 million in 2023. The trend mirrors the increase in the number of foreign residents in the country. According to the Ministry of Justice, the foreign population reached about 2.78 million at the end of 2025, a record high. Long-term residents surpassed 2 million. According to industry officials, foreign customers tend to open accounts with multiple lenders to access a wider range of services. Lenders are rolling out tailored services to capture this growing market. Hana Bank operates 17 branches in areas with large foreign populations that provide dedicated services. It also runs a mobile app, Hana EZ, offering multilingual, non-face-to-face services d

Apr 20, 2026By Lee Hyo-jin
Banks expand services for foreign customers as migrant numbers rise

SC Bank Korea expands lifestyle perks for private banking clients

Standard Chartered (SC) Bank Korea said Monday that it is stepping up its global private banking model, along with related lifestyle-driven benefits designed for high-net-worth clients. The offering targets clients with at least 1 billion won ($676,000) in assets and draws on a model that has proven successful in global financial hubs such as Singapore, Hong Kong and the United Arab Emirates. As part of the enhanced program, the bank will host master classes with industry leaders, including one in May featuring Korean golf legend Park Se-ri. Clients selected through a lottery will have the opportunity to receive personalized coaching. These curated experiences are part of a broader private banking proposition that consists of tailored wealth management, inheritance and succession planning, lifestyle benefits, and dedicated private banking spaces designed to extend beyond traditional financial services. The bank has been steadily broadening these services to reflect clients’ evolving preferences. Last November, it opened the Apgujeong Priority Private Center in one of Seoul’s most affl

Apr 20, 2026By Park Han-sol
SC Bank Korea expands lifestyle perks for private banking clients

Insurers warn of weak oversight, rising costs in gov't premium discount plan tied to driving restrictions

Korean insurers are voicing concerns over the effectiveness of a government proposal to offer premium discounts to drivers who comply with a vehicle rotation scheme that aims to ease the current energy supply strain, according to industry officials Monday. The officials said the plan is prone to false reporting and may overlap with existing policy discounts, effectively shifting the cost of a public measure onto private insurance companies, and ultimately, onto consumers. Amid the U.S.-Iran conflict, which has heightened concerns over oil supply, public sector vehicles have been subject to an odd-even rotation system since April 8, restricting use every other business day based on license plate numbers. For private vehicles, a five-day rotation that bars cars from operating on one designated weekday, remains voluntary. The government is in talks with insurers to introduce temporary policy discounts to drivers who observe the scheme. Details, including the duration and discount rate, are expected to be announced later this week. A key concern, insiders say, is the lack of a reliable way to

Apr 20, 2026By Park Han-sol
Insurers warn of weak oversight, rising costs in gov't premium discount plan tied to driving restrictions

Financial groups bring affiliates together to boost efficiency

Financial holding companies are accelerating efforts to consolidate their scattered affiliates into unified headquarters, aiming to enhance efficiency by speeding up decision-making and boosting synergies through closer collaboration, industry officials said Monday. Hana Financial Group is set to relocate its headquarters from Seoul’s Jung District to Cheongna International City in Incheon by the end of September. The new headquarters, scheduled for completion in June, will have seven basement levels and 15 floors above ground, accommodating around 2,800 employees from its affiliates. Since 2012, the group has been developing its “Hana Dream Town” in the area, completing a consolidated data center in 2018 and opening its training institute, Hana Global Campus, in 2019. The upcoming relocation will mark the completion of the 15-year project. By bringing together the holding company and the planning and strategy functions of key affiliates, Hana Financial aims to generate synergies through greater operational concentration. Shinhan Financial Group is pursuing a similar strategy, cons

Apr 20, 2026By Jun Ji-hye
Financial groups bring affiliates together to boost efficiency

KOFIA to lead delegation of S. Korean asset managers on trip to Singapore, China's Shenzhen

A delegation of 17 South Korean asset management chiefs, lead by the Korea Financial Investment Association (KOFIA), is set to visit Singapore and China this week, the association said Monday. The five-day trip, starting Monday, was organized in a bid to expand the base for international cooperation for the local asset management industry, the association said. On the Singapore leg of the trip, the delegation is scheduled to visit major financial entities and companies in the island city, including the Singapore Exchange, venture capital firm East Ventures and Grab, a super app that offers services spanning from delivery to finance. The delegation will also meet with Bloomberg, a New York-based financial news outlet, there and discuss how the war between the United States and Iran is affecting the macro economy, as well as potential risks stemming from the conflict, KOFIA said. For the second leg of the trip, the delegation will travel to Shenzhen, China, and examine how cutting-edge technologies are being deployed on a commercial scale there. They are set to visit major tech companies,

Apr 20, 2026By Yonhap
KOFIA to lead delegation of S. Korean asset managers on trip to Singapore, China's Shenzhen

Hana Financial backs artists with developmental disabilities to promote independence

Hana Financial Group honored artists with developmental disabilities at its annual Hana Artverse awards as part of efforts to support their social participation and financial independence, the company said Sunday. The awards ceremony took place Friday at Hana Bank's headquarters in Seoul. Launched in 2022 as an inclusive arts competition, Hana Artverse is part of the group’s social contribution initiatives aimed at improving awareness of disabilities and promoting a more inclusive culture. This year’s edition drew a record 1,255 participants, with 30 winners ultimately recognized. Among them is Park Chan-ho, who took the grand prize in the adult category. Drawing on his musical background, his painting translates sound into a visual motion. Layers of repeated lines, symbols and instrument-like forms rhythmically hum across the canvas. In the youth division, top honors went to Choi Yu-jin, who reimagined a red horse — an emblem of 2026 — with a bold, pop-art sensibility. The winning pieces will remain on display at the bank's headquarters through April 24, before moving to H.art1, t

Apr 19, 2026By Park Han-sol
Hana Financial backs artists with developmental disabilities to promote independence
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