South Korean President Lee Jae Myung called on Tuesday for the creation of a powerful government-wide cybersecurity body to coordinate functions scattered across agencies, pointing to limitations in the current capacity to protect critical systems.

"The existing security system, which centres on inspections and after-the-fact responses, is showing clear limitations," Lee told a cabinet meeting, calling for a comprehensive preventive system to protect public services and critical infrastructure.

Lee also referred to the multibillion-dollar theft affecting Binance, the world’s largest cryptocurrency exchange, but did not directly name North Korea, which the FBI has blamed for the attack. North Korea denied involvement on Tuesday.

"There is also a need to discuss setting up a government-wide task force that spans both the public and private sectors," Lee said.

"I ask that you actively consider forming a powerful and effective cybersecurity ‘tsar’ body that can oversee and coordinate security functions that are currently scattered." The National Intelligence Service had launched emergency security inspections covering more than 2,100 central government ministries, local governments and public institutions, Yonhap News Agency reported.

South Korea has faced repeated cyber intrusions, with its financial sector hit by attacks in recent weeks, and North Korean hackers have been blamed for numerous previous attacks on cryptocurrency companies, banks and government systems.