September 22, 2021
South Korea Commits to Combatting Increased Ransomware Attacks
The ongoing COVID-19 pandemic has contributed to more digital transactions and increased online activity for both licit and illicit purposes, including the distribution of ransomware. Thanks to bad actors ranging from North Korean hackers to domestic cybercriminals, South Korea has a long history of exposure to this specific form of malware, which denies access to a computer system and/or digitalized files until a certain sum of money is paid, often through cryptocurrencies like Bitcoin. As phishing schemes and ransomware attacks are likely to target provisional funds from the recently endorsed $30 billion pandemic-related relief budget, Seoul has committed to investing resources in both domestic and international efforts against cyber-enabled financial crime.
South Korea and like-minded countries should continue to invest in joint cyber operations and criminal investigations to expand their jurisdictional reach and enforcement capabilities.
Ransomware functions as an inexpensive tool to disrupt both major and minor network systems with potentially high financial gain, making it a significant cybersecurity threat for both the South Korean economy and the average citizen. The South Korean Ministry of Science and ICT has demonstrated particular interest in addressing this form of cyber-enabled financial crime in recent months. For example, the ministry organized two-week cybersecurity exercises for 230 Korean companies in May amid reporting that South Korea suffered 127 ransomware attacks last year, more than double the number of cases reported in 2018 and 2019 combined. Beyond informing these companies of the potential risks of ransomware, these exercises led to the detection of 114 security vulnerabilities, which could have resulted in exploitation via ransomware.
Read the full article from The Diplomat.
More from CNAS
-
Transatlantic Security / Energy, Economics & Security
From Russia with RiskHere on the Bear Market Brief, a lot of what we focus on is, simply put, risk: what might happen, and what might it mean? On this episode, Rachel Ziemba, an adjunct senior fel...
By Rachel Ziemba
-
Richard Nephew on the U.S. military strikes on Iran’s nuclear program
Richard Nephew, expert on sanctions and Iran’s nuclear program, joins Emily and Geoff to discuss the long history of U.S. policy towards Iran, the role of sanctions in constra...
By Emily Kilcrease & Geoffrey Gertz
-
Energy, Economics & Security / Technology & National Security
Beyond Bans: Expanding the Policy Options for Tech-Security ThreatsStuck between a rock (the fact that banning all Chinese tech that poses a risk is expensive and impractical) and a hard place (the fact that many existing mitigation proposals...
By Geoffrey Gertz
-
Indo-Pacific Security / Energy, Economics & Security
75 Years Post-Korean War: Can Trust Be Rebuilt Under the New Administration?As President Lee Jae Myung begins his term, he's taking visible steps to reset the tone with North Korea: halting propaganda broadcasts and reemphasizing past military agreeme...
By Dr. Go Myong-Hyun