Companies in South Korea are attempting to stop internet data breaches and hacking events by implementing chief information security officer (CISO) positions.
As of July 2024, 29,525 Korean enterprises reported hiring a CISO, according to industry sources and the Ministry of Science and ICT on Monday.
This trend applies to startups, small and medium-sized businesses, and major firms with required CISO appointments.
Although a CISO may appear to be comparable to a chief security officer (CSO) or chief privacy officer (CPO), the role has more responsibilities, such as creating governance and budgeting for security. Korea has required businesses and organizations of a specific size to appoint a CISO and report to the Ministry of Science and ICT since January 2020.
Penalties for noncompliance are severe; recurrent infractions can cost up to 30 million won ($22,075).
In April, Finda Inc., a fintech firm, hired a CISO.
The corporation determined that the appointment was essential for the MyData division, which handles consumer personal data, according to Chief Executive Officer Park Hong-min.
By overseeing technical infrastructure, data protection, data entrusted by financial institutions, and regulatory compliance, Finda’s CISO is in charge of the organization’s security.
“We also manage data access control and data usage records while operating our credit scoring model and artificial intelligence (AI)-based suspicious transaction detection system,” the company said.
“With the rise of generative AI, the scope of data usage is expanding much faster than expected, likely leading to an increasing need for skilled CISOs who can quickly adapt information security policies to new technologies.”
A CISO was also hired by Cuchen Co., a mid-sized home appliance manufacturer.
“We appointed the officer at the department head level to establish an information protection management system, analyze security vulnerabilities, and prevent and respond to data breach incidents,” the company said.
A CISO was also recruited by Seoul Semiconductor Co. with the responsibility of detecting security flaws in computer hardware and evaluating remedies, such as firewalls, antivirus programs, and monitoring services.
“Practical authority given to CISOs and coordinated efforts across the organization can help protect our information assets,” said a company official.
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