From online education, online shopping, mobile banking, and even electronic government services, this shift to online services was only accelerated by the COVID-19 pandemic. To ease the digital transition and overcome the pandemic-induced economic hardships, the South Korean Ministry of Science and ICT introduced the Korean Digital New Deal in June 2020, which relies heavily on utilizing new internet-based technologies. Even before this new policy, the country’s vulnerability to cybercrime (such as data theft, blackmail and other IT security breaches) had been increasing. However, hand in hand with new development plans, South Korea was also determined to strengthen its cyber security industry, even though it had already placed 4th in the Global Cybersecurity Index.
Cyber security industry in South Korea
In accordance with the Digital New Deal, the South Korean government expanded investments in the information security industry by increasing the research and development budget. Additionally, they are planning more capacities for the already growing information security workforce. The industry has been doing well on its own so far, and as the demand for information security heightened, information security industry’s sales increased accordingly. While physical security products such as video surveillance, biometrics, or self-operating electronic security still accounted for the most sales, cyber information security displayed significant growth as well. However, with the use of Internet of Things (IoT), Industrial Internet of Things (IIoT), and the incorporation of cloud computing, using only one system of information security is not as effective as using combined cyber-physical systems (CPS). This development further blurs the line between physical and cyber information security systems.What are the most common cyber attacks?
Among the various types of internet hacking cases, those utilizing malicious code, also called malware, were the most common. This was despite the fact that the number of web-based malware websites had decreased in the previos few years before suddenly jumping up again in 2022. Malware websites aim to infect the user’s PC with malicious code or spread further. Malware refers to any code in a software system or script that creates undesirable effects, such as computer viruses, Trojan horses, and more, which can interfere with the operating system or cause data leaks. Even though malware attacks were the most common type of IT security breaches at the corporate level, data or information leakage of any kind was perceived as the most threatening cyber attack due to the sensitivity of the managed data.New security risks
Besides pushing the development of the South Korean cyber security industry and its systems, the Digital New Deal included a DNA (Digital, Network and Artificial Intelligence)-based strategy. This comprises of applying 5G and AI technologies in industries and the government. The strategy also plans to develop and establish digital management systems for education, healthcare, and even smart city infrastructure. While all of this is supposed to support economic growth and simplify access, it also opens up the risk of cyber attacks on a large scale, especially with newer technologies such as AI. Therefore, it remains to be seen how such new risks will be managed.
