Surge in Cyber Theft and Attacks in 2024 Prompts Korean Government to Action

In the first half of this year, stolen virtual assets, including bitcoin, totaled 1.9 trillion won globally. Reported incidents of DDoS attacks and server hacking rose to 899, leading the government to urge increased vigilance. The Ministry of Science and ICT and the Korea Internet and Security Agency (KISA) highlighted a significant rise in hacking targeting virtual assets. Theft from blockchain networks and exchanges more than doubled from 91 billion won last year to 1.9 trillion won this year, with major incidents involving a blockchain bridge service and an NFT company. Server hacks, particularly against small and medium-sized enterprises, increased by 58% to 504 cases. Cyber threats via mass texting and smishing texts surged, with spam reports rising from 38.77 million in 2022 to 217.51 million, and smishing detections increasing from 37,122 to 887,590. Overall, cyber incidents rose from 1142 in 2022 to 1277 last year, with 899 cases reported in the first half of this year, a 35% increase. Most incidents occurred in the information and communication sector, and ransomware attacks predominantly targeted small and medium-sized enterprises. In response, the Ministry and KISA established a National Damage Response Team and amended the ‘Information and Communications Network Act’ to improve reporting and prevent incidents, effective from August 14. They also emphasized the need for improved security awareness and response systems in companies, alongside enhanced public support services

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