Latest news with #Hanwha
Korea Herald
a day ago
- Business
- Korea Herald
New threats, new protection: Korea rethinks cyber insurance as attacks surge
Hanwha, Samsung move to fill coverage gap as corporate breaches fuel demand A string of high-profile cyber incidents, from SK Telecom's data breach to a ransomware attack on Seoul Guarantee Insurance, has raised alarm over digital vulnerabilities and spurred Korean insurers to ramp up cyber coverage. Leading the response is Hanwha General Insurance, which in November launched its Cyber Risk Management Center, the first dedicated cyber risk division established by a Korean insurer. As part of its strategy, Hanwha formed a three-way partnership with global cybersecurity firm Theori and leading Korean law firm Shin & Kim, which operates a team specializing in digital and IT-related legal issues. Samsung Fire & Marine has also stepped up, establishing a cyber risk team last year and launching a policy in May tailored to small- and mid-sized firms — those with under 100 billion won ($72 million) in revenue and fewer than 3 million data subjects. Despite rising threats, Korea's cyber insurance market remains underdeveloped. A 2024 report by Munich Re estimated Korean cyber premiums at just $50 million, only 0.3 percent of the global total and placing it among the smallest in Asia. Domestically, cyber insurance accounts for just 1 percent of Korea's non-health accident insurance market. Awareness is also low. A 2024 Korea Internet & Security Agency survey showed only 14.5 percent of companies were aware of cyber insurance, while just 2.7 percent had purchased a policy. Yet threats are mounting. Reported incidents in Korea more than doubled from 630 in 2020 to 1,277 in 2023, then rose another 48 percent to 1,887 in 2024. In just the first half of 2025, major breaches hit SK Telecom, GS Retail, Olive Young, SGI and Yes24, exposing gaps in corporate defenses across sectors. Globally, cyber risk tops the list of business concerns. Allianz has named it the biggest threat for four years running, while Travelers also found it was US executives' top concern. In Korea, many companies still downplay cyber risks, viewing insurance as a supplementary response measure rather than an essential preventive safeguard. A KISA survey reflected worsening awareness. In 2024, only half of 6,500 companies had a data security budget, down from 68 percent in 2022. Of those, just 0.6 percent spent over 100 million won, while 75 percent spent less than 5 million. The only mandatory policy is liability insurance for data breaches, required of firms with over 1 billion won in revenue and more than 10,000 data subjects. As of last year, only 10 percent of eligible firms — about 7,800 — were enrolled. Even among the insured, coverage is often inadequate. SK Telecom, whose USIM breach affected 23 million subscribers, was covered for just 3 billion won, including the 1 billion won legal minimum. With USIM replacement alone estimated at 170 billion won, most of the burden remains uninsured. Regulators are starting to take notice. At a parliamentary hearing on the SKT breach, Rebuilding Korea Party lawmaker Lee Hai-min said, 'The 1 billion won coverage under personal data compensation insurance falls far too short to meaningfully compensate consumers in large-scale hacking cases,' calling for higher limits and stronger mandates to drive preventive investment. 'Cyber risks are mostly intangible and hard to quantify, and firms tend to avoid costs tied to abstract risks. On the other end, insurers face challenges in underwriting due to their interconnectedness and large-scale losses," stated Kwon Soon-il of the Korea Insurance Research Institute, urging policy incentives such as tax benefits and premium subsidies, along with clearer terms and broader coverage for broader adoption. The insurance industry is seeing growing demand. 'Until now, most firms only subscribed to basic liability policies, but the SK Telecom and SGI breaches have prompted many to reassess their coverage,' said an industry official. Newer comprehensive policies are particularly gaining attention for their flexibility. They allow companies to tailor plans, such as adding emergency response coverage or avoiding overlaps with existing policies, the official added. At Hanwha General, cyber insurance revenue surged 200 percent between November and June. Meanwhile, Munich Re expects the global cyber insurance market to grow 37 percent to $21 billion by 2027. In Korea, it's projected to rise 80 percent to $90 million — still modest, but showing clear momentum.
Korea Herald
a day ago
- Business
- Korea Herald
New threats, new protection: Rising cyberattacks push Korea to rethink digital insurance
Hanwha, Samsung move to fill coverage gap as corporate breaches fuel demand A string of high-profile cyber incidents — from SK Telecom's data breach to a ransomware attack on Seoul Guarantee Insurance — has raised alarm over digital vulnerabilities and spurred Korean insurers to ramp up cyber coverage. Leading the response is Hanwha General Insurance, which in November launched its Cyber Risk Management Center, the first dedicated cyber risk division established by a Korean insurer. As part of its strategy, Hanwha formed a three-way partnership with global cybersecurity firm Theori and leading Korean law firm Shin & Kim, which operates a team specializing in digital and IT-related legal issues. Samsung Fire & Marine has also stepped up, establishing a cyber risk team last year and launching a policy in May tailored to small- and mid-sized firms — those with under 100 billion won ($72 million) in revenue and fewer than 3 million data subjects. Still nascent market Despite rising threats, Korea's cyber insurance market remains underdeveloped. A 2024 report by Munich Re estimated Korean cyber premiums at just $50 million, only 0.3 percent of the global total and placing it among the smallest in Asia. Domestically, cyber insurance accounts for just 1 percent of Korea's non-health accident insurance market. Awareness is also low. A 2024 Korea Internet & Security Agency survey showed only 14.5 percent of companies were aware of cyber insurance, while just 2.7 percent had purchased a policy. Yet threats are mounting. Reported incidents in Korea more than doubled from 630 in 2020 to 1,277 in 2023, then rose another 48 percent to 1,887 in 2024. In just the first half of 2025, major breaches hit SK Telecom, GS Retail, Olive Young, SGI and Yes24, exposing gaps in corporate defenses across sectors. In Korea, many companies still downplay cyber risks, viewing insurance as a supplementary response measure rather than an essential preventive safeguard. A KISA survey reflected worsening awareness. In 2024, only half of 6,500 companies had a data security budget, down from 68 percent in 2022. Of those, just 0.6 percent spent over 100 million won, while 75 percent spent less than 5 million. The only mandatory policy is liability insurance for data breaches, required of firms with over 1 billion won in revenue and more than 10,000 data subjects. As of last year, only 10 percent of eligible firms — about 7,800 — were enrolled. Even among the insured, coverage is often inadequate. SK Telecom, whose USIM breach affected 23 million subscribers, was covered for just 3 billion won, including the 1 billion won legal minimum. With USIM replacement alone estimated at 170 billion won, most of the burden remains uninsured. Regulators are starting to take notice. At a parliamentary hearing on the SKT breach, Rebuilding Korea Party lawmaker Lee Hai-min said, 'The 1 billion won coverage under personal data compensation insurance falls far too short to meaningfully compensate consumers in large-scale hacking cases,' calling for higher limits and stronger mandates to drive preventive investment. 'Cyber risks are mostly intangible and hard to quantify, and firms tend to avoid costs tied to abstract risks. On the other end, insurers face challenges in underwriting due to their interconnectedness and large-scale losses," stated Kwon Soon-il of the Korea Insurance Research Institute, urging policy incentives such as tax benefits and premium subsidies, along with clearer terms and broader coverage for broader adoption. The insurance industry is seeing growing demand. 'Until now, most firms subscribed only to basic liability policies, but the SK Telecom and SGI breaches have prompted many to reassess their coverage,' said an industry official. Newer comprehensive policies are particularly gaining attention for their flexibility. They allow companies to tailor plans, such as adding emergency response coverage or avoiding overlaps with existing policies, the official added. At Hanwha General, cyber insurance revenue doubled from November to May. Meanwhile, Munich Re expects the global cyber insurance market to grow 37 percent to $21 billion by 2027. In Korea, it's projected to rise 80 percent to $90 million — still modest, but showing clear momentum.
Time of India
22-07-2025
- Business
- Time of India
UP team extends invitation to Hanwha Grp to invest in state
1 2 3 Lucknow: A delegation led by finance minister Suresh Khanna is attending the ongoing World Expo 2025 in Osaka, Japan, to strengthen economic ties and attract global investments. On the second day, the delegation held detailed discussions with members of the Hanwha Group and invited them to invest in UP. The delegation also toured Hanwha Group's advanced manufacturing facilities in Wakayama, which produce high-quality steel, food products, and other industrial goods. Their engagement with Hanwha's leadership focused on deepening industrial partnerships and encouraging Japanese enterprises to explore UP's investment landscape. An official spokesperson said: "The finance minister extended a formal invitation to the Hanwha Group to establish manufacturing operations in UP. He highlighted the state's world-class infrastructure, investor-centric policies, and availability of a skilled, future-ready workforce. He also emphasised the importance of local employment generation and encouraged Hanwha to recruit talent from UP and contribute to ongoing skill development initiatives. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Up to 70% off | Shop Sale Libas Undo " Meanwhile, an EU delegation led by Vivian Loonela visited the UP Pavilion, exploring strategic partnerships to promote sustainable, experience-rich tourism across the state. As part of its global outreach, Invest UP has set up the UP Pavilion, which is witnessing enthusiastic footfall from investors and international delegates keen to explore the state's business-friendly environment, attractive incentive structures, and rapidly evolving industrial ecosystem, officials said. The spokesperson said that principal secretary, industries and infrastructure development, Alok Kumar assured full institutional support to Japanese investors and reaffirmed the state govt's commitment to facilitating investments in key sectors such as manufacturing, logistics, semiconductor and green energy. This outreach marks another milestone in UP's efforts to position itself as a globally competitive investment destination and strengthen industrial cooperation with Japan, officials said.
Yahoo
22-07-2025
- Automotive
- Yahoo
Romania, Poland take different tacks on buying new combat vehicles
WARSAW, Poland — As numerous Eastern European allies pursue acquisitions of infantry fighting vehicles, Romania and Poland are advancing plans to boost their tracked vehicle fleets, yet with different strategies towards foreign suppliers and technology transfers. In Romania, the country's government decided on July 10 to launch its much-awaited program to replace outdated Soviet-times MLI-84 tracked infantry fighting vehicles with new gear. Bucharest aims to purchase some 246 vehicles along with simulators and a logistics package over an eight-year period after a deal is signed, earmarking close to €2.55 billion ($2.96 billion) for this acquisition. In the program's potential second stage, a further 52 vehicles could be ordered. Local observers say Romanian Ministry of National Defence is to select between Germany's Rheinmetall with the Lynx, the CV90 made by BAE Systems Hägglunds in Sweden, South Korea's Hanwha with the AS21 Redback, and General Dynamics European Land Systems with its Ascod, among others. A committee consisting of Defence Ministry officials and representatives of state-owned defense company Romtehnica is to pick the winner. The Romanian authorities expect that, after an initial batch of 26 vehicles is made by the selected supplier, the country's state-dominated defense industry will take over manufacturing activities and produce the remaining 220 IFVs. 'The essential security interest for the Romanian state is to protect the supply chain through a technology transfer of the assembly, integration, testing and maintenance capabilities for the aforementioned technology and products to Romania,' the Ministry of National Defence said in a statement. A spokesperson for the Romanian ministry told Defense News that, when contracting for major acquisitions, one of the institution's priorities is to maximize the involvement of the country's defense sector. 'The Ministry of National Defence is interested in increasing the contribution of the national defense industry to the procurement process of the Romanian Armed Forces and in ensuring, at local level, the lifetime maintenance of weapon systems and major equipment,' the spokesperson said. Alexandru Georgescu, a security and defense analyst based in Bucharest, told Defense News that the past years have brought investments in the country's defense industry by foreign groups, including Rheinmetall and Hanwha, which has whetted the appetites of Romanian officials for domestic production of the IFVs. 'But it all depends on how the bidding process will go, and anything other than a government-to-government acquisition could create delays as competitors are likely to contest the winner,' he said. Poland eyes heavy IFVs Last March, Poland's Ministry of National Defence signed a contract worth PLN 6.57 billion ($1.8 billion) to buy 111 Borsuk (Badger) tracked infantry fighting vehicles from Polish state-run defense group PGZ, and potentially almost 1,300 more Borsuks and accompanying vehicles in the coming years. The Borsuk is set to replace the Soviet-designed BWP-1 vehicle as the Polish Army's flagship tracked IFV. The 111 ordered vehicles are to be delivered to the nation's land forces in the years 2025 to 2029. On top of the amphibious Borsuk, which weighs around 28 tons in its basic variant, the ministry is advancing plans to order up to 700 heavier IFVs with improved ballistic and anti-mine protection. Poland's Defence Ministry has declared that, in cooperation with other European allies, it wants to spur the creation of consortia that will jointly buy weapons. Polish Deputy Prime Minister and Defence Minister Władysław Kosiniak-Kamysz said the Borsuk could be one of the products that Poland could buy together with other countries, as a number of Eastern European allies are currently planning to purchase new IFVs. At the same time, most of the companies that are actively marketing their tracked vehicles in Romania are also advancing similar campaigns in Poland, as PGZ is evaluating the available platforms produced by foreign groups for a potential purchase of a license, local observers say. An official decision whether PGZ is to develop a heavy IFV on its own or buy a license from abroad has yet to be made. Solve the daily Crossword
Korea Herald
18-07-2025
- Business
- Korea Herald
Hanwha Aerospace appoints Ben Hudson as new CEO for Europe and UK
Korean defense firm Hanwha Aerospace said Friday it has named Ben Hudson, the current CEO of Hanwha Defense Australia, to spearhead the company's operations in Europe and the UK. 'I am honored to join our European and UK leadership team at such a pivotal moment,' said Hudson. 'Hanwha's vision is centered on building sovereign capabilities to address today's and tomorrow's security challenges.' Prior to joining Hanwha, Hudson held senior executive roles at BAE Systems, Rheinmetall and General Dynamics, spending more than 15 years in Switzerland, Germany and the UK. A dual British-Australian citizen, he also served as an officer in the Australian Army and holds an MBA from London Business School. His appointment comes as Hanwha ramps up efforts to become a trusted defense partner in Europe, delivering localized, interoperable and rapid solutions to NATO allies. 'Ben's deep knowledge of European defense markets makes him the ideal choice,' said Michael Coulter, CEO of Hanwha Global Defense. 'This appointment marks the next phase of our multi-domestic strategy focused on trust, collaboration and shared security goals.' Hanwha is currently involved in several major defense programs in Europe, including supplying over 800 K9 self-propelled howitzers and 290 Chunmoo rocket launchers to countries including Poland, Norway, Finland, Estonia and Romania. The company has also delivered naval support ships to the UK and Norway, and is a key supplier of modular artillery charges to NATO partners.
