South Korean Firms Criticize Governments New Cybersecurity Policy as Inadequate
On the 22nd, the Ministry of Science and ICT and other governmental bodies unveiled a comprehensive cybersecurity policy that has drawn widespread criticism from companies, with many stating that the policy fails to adequately reflect the realities of the industry. Some critics argue that this policy effectively opens the door for foreign security firms to gain significant opportunities in the market.
As part of the new measures, the government has instructed companies that are currently required to disclose their cybersecurity investment status to also reveal detailed provisions. This means that not only must they disclose the amount of investment, but they are also required to publicly share specific systems and services that the funds were allocated to.
Major domestic conglomerates and IT service companies have expressed significant concern over this move. They fear that making internal investment details public could expose security vulnerabilities. An official from one IT service company noted, "If all detailed provisions are disclosed, hackers might see systems with relatively low investment as an opportunity to hack and gain access."
Conversely, exposing high investment amounts can also have adverse effects. An official from a cloud company pointed out, "If the systems or services that receive substantial investments are made public, it could incite hackers to challenge themselves to breach those systems."
The telecommunications industry has also shown hesitation in response to these guidelines. They are already struggling to attract cybersecurity professionals, including white hat hackers, after a series of security incidents.
Experts in the cybersecurity field commonly agree that it is practically impossible for all 2,737 listed companies to comply with the mandatory disclosure of their cybersecurity investments by the first half of next year. As the situation evolves, the balance between transparency and security remains a pressing concern for the industry.
As part of the new measures, the government has instructed companies that are currently required to disclose their cybersecurity investment status to also reveal detailed provisions. This means that not only must they disclose the amount of investment, but they are also required to publicly share specific systems and services that the funds were allocated to.
Major domestic conglomerates and IT service companies have expressed significant concern over this move. They fear that making internal investment details public could expose security vulnerabilities. An official from one IT service company noted, "If all detailed provisions are disclosed, hackers might see systems with relatively low investment as an opportunity to hack and gain access."
Conversely, exposing high investment amounts can also have adverse effects. An official from a cloud company pointed out, "If the systems or services that receive substantial investments are made public, it could incite hackers to challenge themselves to breach those systems."
The telecommunications industry has also shown hesitation in response to these guidelines. They are already struggling to attract cybersecurity professionals, including white hat hackers, after a series of security incidents.
Experts in the cybersecurity field commonly agree that it is practically impossible for all 2,737 listed companies to comply with the mandatory disclosure of their cybersecurity investments by the first half of next year. As the situation evolves, the balance between transparency and security remains a pressing concern for the industry.
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