Cyberattacks are on the rise, and South Korea, whose Internet penetration rate and connection speeds consistently rank among the best in the world, is introducing new cybersecurity standards for its financial institutions in its effort to reduce such attacks. South Korea’s Financial Services Commission (“FSC”) announced last month that it will require financial institutions to further tighten their cybersecurity. The announcement follows an earlier statement that the FSC will require South Korean financial institutions to notify consumers of security breaches on their websites. The legislation will take effect on November 23, 2013, although financial institutions will have more time to implement the new measures. The FSC also said it will incorporate stronger sanctions into its existing financial industry rules and regulations for financial institutions that fail to comply with the new requirements.