South Korea Launches Expanded Bug Bounty Program for Financial Sector

• •South Korea's bug bounty program now includes crypto firms and insurance agencies.
• •Participants can earn rewards up to 10 million won for reporting vulnerabilities.
• •The number of companies under the program has increased from 32 to 70.

On May 18, 2026, South Korea's Financial Supervisory Service announced the expansion of its bug bounty program, now including virtual asset service providers and corporate insurance agencies. The program aims to enhance the cybersecurity posture of financial institutions by incentivizing white-hat hackers to identify vulnerabilities in digital financial services, including websites and mobile applications. The number of companies eligible for vulnerability checks increased from 32 to 70, covering a total of 306 services. Participants can earn rewards up to 10 million won for each reported vulnerability, with evaluations conducted by the Financial Security Service. This initiative is part of a broader strategy to proactively address cyber threats in an evolving digital landscape. Officials emphasized the importance of collective intelligence from white-hat hackers to bolster security measures in the financial sector.