Svmuu News: The Financial Services Commission of South Korea announced that it has approved the 2026 recovery and resolution plans for a total of 10 financial institutions—including the five major financial groups (Shinhan, KB, Hana, Woori, and Nonghyup) and their major banks—and has formally incorporated the risks of cyberattacks and “digital bank runs” into the crisis management systems of large financial institutions.
The Financial Services Commission stated that as the volume of online financial transactions expands, funds may flow out rapidly within a short period of time. It will further refine monitoring indicators for digital bank runs to identify liquidity risks earlier. At the same time, it has required financial institutions to strengthen their cybersecurity incident response mechanisms and to incorporate into their crisis contingency plans scenarios where multiple institutions simultaneously sell off assets and compete for liquidity in the event of market shocks. (Etoday)