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

South Korean President Lee Jae Myung called for appointing a “powerful cybersecurity czar” on Tuesday, citing the $6.3 billion Binance hack as evidence of a growing threat to financial institutions and critical infrastructure.

Lee told a Cabinet meeting in Seoul that South Korea needs a government-wide body with authority to coordinate cybersecurity across public agencies and private businesses, according to The Korea Times.

“The existing security system, which centers on inspections and after-the-fact responses, is showing clear limitations,” Lee said.

The proposal comes days after the Oct. 29 heist from Binance, which the FBI attributed to North Korea’s TraderTraitor hacking group. Pyongyang denied any responsibility in the attack.

Lee did not name North Korea when discussing the Binance attack.

Lee also warned that rapidly advancing AI is making cybercriminals more sophisticated and harder to confront. He called for earlier detection and faster information sharing rather than relying on post-breach inspections.

South Korea’s National Intelligence Service has already ordered security checks at more than 2,100 government bodies and public institutions, while the science ministry is inspecting roughly 170 major private-sector infrastructure facilities, including financial and telecommunications companies, according to The Korea Times.

The government has not announced a timetable for establishing the proposed cybersecurity body.