South Korea’s president says country needs a ‘cybersecurity czar’ following $6.3 billion Binance hack

South Korean President Lee Jae Myung has ordered officials to examine the creation of a government-wide cybersecurity body following a series of attacks on financial firms and the theft of about $6.3 billion in digital assets from Binance. Speaking at a Cabinet meeting on 3 November, Lee said cyber threats now posed a serious risk to the economy, national security and everyday life. He called for stronger coordination across public agencies and private businesses, particularly in finance, telecommunications and energy.

Lee said existing security arrangements relied too heavily on inspections and responses after an attack. He urged earlier detection, faster sharing of warnings and action to close vulnerabilities, while warning that advances in artificial intelligence were making hacking more sophisticated. The FBI has attributed the Binance theft to a North Korean hacking group, but North Korea denies involvement; Lee did not name the country in his remarks. South Korea is reviewing security at public bodies and major private infrastructure facilities. No timetable has been announced for establishing the proposed cybersecurity body.