South Korea’s Financial Watchdog Calls for Increased Cybersecurity Spending Amid Rising Threats South Korea’s Financial Supervisory Service (FSS) is pressing corporations to boost cybersecurity budgets, warning that current investment levels fall short of international standards and leave businesses vulnerable to catastrophic breaches. FSS Governor Lee Chan-jin, speaking at his first press briefing since taking office in August, highlighted the disparity in spending, noting that Korean companies allocate far less to security than their U.S. counterparts and even the global average. Lee emphasized the severe financial risks of underinvestment, stating that a major cyber incident could threaten business continuity or even lead to bankruptcy. The push for higher budgets comes as recent cyberattacks underscore the growing sophistication and frequency of threats targeting critical financial systems. The FSS’s stance reflects broader concerns over the country’s preparedness to counter evolving cyber risks in an increasingly digital economy.