EICN Seoul event takeaways: Facing the digital threat

Our first EICN Seoul event of the year brought together some of South Korea’s top business and IT leaders to discuss cybersecurity. Special thanks to Philip Hong-Sun Kim (Executive Vice President at Standard Chartered Bank Korea), Taeham Kim (Specialty Leader at Marsh Korea Inc.) and Dr. Insub Shin, Brig Gen (Ret) (Head C4I Cyber Center at Huneed Technologies) for sharing their expertise and insights on one of 2023’s most pressing topics with our Corporate Network.

For those who missed it, here are some key takeaways from the discussion:

  • Among the many things computers run today are financial institutions, and therefore, money. Only a fraction of public and private funds exist in cash reserves, which forces financial institutions such as banks and insurance companies to be at the top of their cybersecurity game..
  • To any entity, a cyber attack is a race against the clock. Given the general dependence on computerisation across industries, when a company or government office is hacked, every second counts to get the system back on. In the case of ransomware, most end up paying. Plans must be in place well before the attack, and drills must be held.
  • Privately, commercial firms and even public institutions are increasingly well-prepared against cyber attacks. However, the more general awareness of the need for proper response mechanisms and protection falls short. Cybersecurity is now a business imperative, not merely an IT problem.
  • South Korea is uniquely vulnerable to cyber attacks because of its high-level of ICT infrastructure, its proximity to and unfinished war with North Korea, and its economic reliance on manufacturing. Despite Korean C-suite executives’ awareness of the importance of cybersecurity and digital resilience, they are not yet placing the necessary priority on practical preparedness.

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