Latest news with #USIM
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.
Malay Mail
5 days ago
- Business
- Malay Mail
Carving a new life: Kelantan man's Quranic wall art finds fans across South-east Asia
KOTA BHARU, July 26 — What began as a small idea using leftover plywood has now grown into a thriving wood-carving business with customers from across South-east Asia. That is the story of Muhammad Ali Che Pa, 31, who turned to his artistic talent after being laid off as a health product sales representative during the Movement Control Order in 2020. 'I was desperate for income. That's when I got the idea to create decorative wall pieces featuring Quranic verses using wood I already had at home,' he told Bernama at his workshop in Kampung Pangkal Kalong, Kok Lanas, recently. Muhammad Ali Che Pa works on a piece of laser-engraved woodcraft ordered by a customer at his workshop in Kampung Pangkal Kalong, Kok Lanas. — Bernama pic Relying on self-taught skills from Facebook and YouTube, he spent six months crafting his first piece, which unexpectedly sold for RM150 after being posted online. Today, the Universiti Sains Islam Malaysia (USIM) Islamic Management graduate produces a range of Islamic-themed woodcrafts, including framed calligraphy, wall clocks and home décor items, popular among buyers from Malaysia, Indonesia, Brunei and Singapore. 'Plywood is ideal because it's easy to cut and shape. I sketch the design on paper, transfer it to the wood, then carve and sand it,' he said. Initially, manual carving took up to four days per piece, limiting him to 15 items a month. Muhammad Ali Che Pa inspects the laser engraving process on a woodcraft piece at his workshop in Kampung Pangkal Kalong, Kok Lanas. — Bernama pic To improve efficiency, Muhammad Ali adopted laser cutting technology two years ago, which significantly sped up production and improved precision, enabling him to meet rising demand. He also received a RM10,000 CNC wood router under Kelantan Risda 's entrepreneur mentorship programme, and expects to receive another laser cutter soon. With upgraded tools, Muhammad Ali now produces over 300 items monthly, priced between RM3 and RM800. His monthly income has since soared to five figures, driven by strong demand for Quranic verse carvings in modern home décor. Some of the laser-engraved woodcrafts made by Muhammad Ali Che Pa at his workshop in Kampung Pangkal Kalong, Kok Lanas. — Bernama pic 'Each design has its own value. I'm grateful that through this craft, I can share the beauty of Quranic verses while earning a halal, blessed livelihood,' said the artisan, who is assisted by his wife, Nur Hanisah Mohd Zulkifli, 27. Through his brand, Art Lie Craft, Muhammad Ali has proven that wood carving is not just an artistic pursuit. It can also be a rewarding livelihood when fuelled by dedication and sincerity. — Bernama
Korea Herald
15-07-2025
- Business
- Korea Herald
KT bets W1tr on cybersecurity over next five years
KT's plan tops rival SKT's W700b pledge following massive data breach South Korean telecommunications giant KT said Tuesday it will invest more than 1 trillion won ($724 million) over the next five years to fortify cybersecurity, amid heightened consumer concerns following a massive data breach at bigger rival SK Telecom. The planned investment surpasses SKT's 700 billion won pledge announced on July 4. SKT, the country's largest mobile carrier, made the commitment following a large scale cyberattack and subsequent data breach of customers' USIM data in April, prompting calls for an industrywide security overhaul. KT, however, said the investment was already in development prior to the SKT breach. Hwang Tae-sun, KT's chief information security and privacy officer, said during a media briefing in Seoul that a string of data breaches at major US carriers, including AT&T, T-Mobile and Verizon, in 2023 prompted the company to take action. KT, the country's second-largest mobile carrier, currently spends more than 100 billion won annually on information security, the most among domestic telecom operators. Under the new plan, it seeks to nearly double its cybersecurity budget to about 200 billion won a year, starting next year. Breaking down the investment, KT plans to allocate about 20 billion won to strengthen cooperation with global tech firms for security partnerships. 'In terms of partnerships, we are not only considering Microsoft, but also exploring collaborations with other major global security firms, such as Google and Palo Alto Networks,' Hwang said. Another 340 billion won will go toward strengthening the company's 'zero-trust' architecture ― a cybersecurity model that no user or device is trustworthy by default and requires continuous authentication ― as well as enhancing infrastructure for AI monitoring systems. The largest portion of 660 billion won is earmarked for ongoing disclosures and public trust initiatives. The remaining 50 billion won will be used to expand cybersecurity workforce. Hwang said the company plans to increase the number of personnel on its in-house security team from the current 162 to 300 experts. At the media briefing, KT said it will launch a new version of its artificial intelligence-powered voice phishing detection service later this year. The AI-powered tool analyzes phone conversations in real time to detect potential fraud. The upgraded 2.0 version seeks to raise detection accuracy from the current 91.6 percent to 95 percent, potentially preventing over 200 billion won in damages. The company said it is also upgrading its AI-powered spam filtering system for text messages. The enhanced program will be able to detect and block emerging types of spam, including investment scam messages and those that mimic social media conversations.
Forbes
14-07-2025
- Business
- Forbes
How Challenger Brands Win In Turbulent Times
Melissa Sierra is the EVP of Media Integration at USIM, where she has spent over 12 years driving corporate transformation. In times of uncertainty, a lot of brands go dark—slashing budgets, putting campaigns on hold and pulling back from the market. However, history has shown that those who continue to invest wisely in marketing during downturns not only endure but emerge even more powerful. When others zig, it is time to lag strategically, purposely hesitating to re-aim and outmaneuver—not fall behind. The worst thing a brand can do is disappear into the background when customer loyalty is already tentative and competitors are battling for share of mind. These uncertain times aren't a red light; they are a yellow signal to pause, reset and accelerate, but not to stop. Here's where smart marketers lean in: Volatility accentuates regional differences. Don't assume national results reflect what's happening in key markets. Use local-level data to uncover nuances in behavior, spending power and mindset. Customers must feel seen, especially if they're grappling with their own uncertainty. Is your media working? If performance is down, don't just reshuffle the budget; reveal the leakage. Is it platform misalignment, creative fatigue or data lag? Closing the gap starts with visibility. A thorough audit can reveal what's driving impact, what's wasteful and where you can optimize for more ROI. Beware of the "fast and furious" content trap. Messaging that lacks clarity or emotional relevance is just noise. Your customers are overwhelmed, so your message must be clear, concise and value-added. It's time to revisit your brand promise and ensure it's pointing customers toward action. Blind spots are costly; whether in targeting, measurement or media mix. Rising CPMs/CPCs driven by competition, platforms that no longer deliver unique reach or spend that ignores your geographic footprint all chip away at efficiency. You must control where your brand shows up and understand your share of voice in the contexts that matter. Winning By Staying Visible And Smart This is not the time to go dark. It's time to be strategic, visible and precise. Cutting marketing during volatile times often isn't cautious; it's destructive to the brand voice and the equity built thus far, leaving you wide open to play defense. All of this runs counter to a brand seeing growth opportunities that are advantageous to the brand. For example, Olaplex, a relatively new entrant in the beauty industry, has carved out a visible niche through a savvy mix of social media and connected TV (CTV) strategy. Competing in a space long dominated by established brands like L'Oréal and Pantene, Olaplex leaned into digital platforms rather than pulling back during uncertain periods. They prioritized Instagram, TikTok and YouTube—not just for promotion, but to foster a sense of community through influencer collaborations and user-generated content. Beyond social, Olaplex integrated CTV channels into its media mix. This allowed the brand to reach a younger, digitally fluent audience through video-driven storytelling. With a data-informed approach, they tailored messaging to align with audience behaviors, helping it increase visibility and maintain relevance in a crowded market. It's important for challenger brands to leverage emerging platforms, naturally engage with customers and ensure their marketing dollars continue to work hard, even when the world becomes uncertain. Visibility during volatility isn't just a defensive move—it's an offensive strategy. While others pause, strategic brands can claim more mindshare, strengthen their community and extend their relevance. Forbes Communications Council is an invitation-only community for executives in successful public relations, media strategy, creative and advertising agencies. Do I qualify?
