Cyber incidents in South Korea's private sector surged to a record high in 2022, with a total of 2,383 cases reported, marking a 26.3% increase from the previous year. Notably, the latter half of the year saw a substantial uptick, with incidents climbing from 1,034 in the first half to 1,349 in the second half, representing a 37% year-on-year rise. The increased frequency of cyberattacks, particularly targeting critical infrastructure sectors such as telecommunications and finance, raises serious concerns for consumer safety.
Experts have pointed out that South Korea's cybersecurity responses lag behind the evolution of threats, exacerbated by advancements in artificial intelligence and cloud technology. The Ministry of Science and ICT, along with the Korea Internet & Security Agency (KISA), released a report noting a significant rise in Distributed Denial of Service (DDoS) attacks, which doubled to 588 instances, and ransomware incidents increased by over 40% to 274 cases. Server hacking, accounting for 44.2% of reported incidents, highlights critical vulnerabilities.
Despite these alarming trends, analysts indicate that the South Korean government has yet to create a dedicated policy framework to bolster cybersecurity. The insufficient investment from the private sector contributes to a weakening domestic security industry, which lacks the strategic oversight necessary to address these growing threats effectively.