South Korean authorities are investigating a series of cyberattacks targeting the country’s financial sector, with officials warning that artificial intelligence (AI) may have played a role in the breaches. The attacks, which emerged over the past week, have affected more than seven financial institutions, including several of the nation’s largest banks, leading to concerns about customer data security.

President Lee Jae Myung addressed the issue during a cabinet meeting on Tuesday, noting indications that AI technologies were employed in some of the hacking attempts. He emphasized that the use of AI in these cyberattacks has stirred significant concern among the public. “There are signs that artificial intelligence was used in some hacking attacks, causing considerable concern and anxiety among the public,” Lee stated, highlighting the evolving nature of cyber threats.

Law enforcement agencies have since launched a formal inquiry to determine the scope of the attacks and to identify the perpetrators. More detailed information about the methods used or the extent of the data compromised has not yet been publicly released.

The incidents come amid growing apprehension worldwide about the potential misuse of increasingly sophisticated AI systems. Advances in AI are enabling the discovery of previously unknown software vulnerabilities, raising the stakes in cybersecurity as hackers gain tools that can target banks, corporations, and government infrastructure with greater precision and efficacy.

South Korea’s financial regulators and cybersecurity officials are working to contain the breaches and bolster defenses against future attacks. The situation underscores the challenges faced by institutions as they confront rapidly evolving technology-driven threats in the digital landscape.