South Korea Tightens Security To Prevent Technology Leaks Amid Global Competition

South Korea is set to introduce tougher measures to prevent the overseas leakage of business secrets. Finance Minister Choi Sang-mok announced this today, highlighting the growing global competition for advanced technologies, as reported by Reuters.

“We will prevent illegal leaks of advanced technologies to raise the global competitiveness of our companies and strengthen technology leadership,” Choi said to Reuters.

The news follows the detention of South Korean executive Choi Jinseog last month for allegedly stealing semiconductor information from Samsung Electronics, specifically related to chip processing technology, also reported by Reuters.

He was accused of transferring this information to a Chinese firm, leading to financial losses. Reuters noted that this case highlights South Korea’s efforts to combat industrial espionage and hinder China’s advancements in chip manufacturing.

According to the National Intelligence Service, over the past five years, there have been 97 attempts to leak business secrets to foreign entities, with 40 of these involving the semiconductor industry, noted Reuters.

The agency estimates that if successful, these leaks would have resulted in a total loss of approximately 23 trillion won ($16.85 billion), said Reuters. These incidents highlight the risks and vulnerabilities particularly within the semiconductor industry.

In response, the government plans to establish a “big data” system at the patent agency to prevent technology leaks. It will also introduce new regulations to enforce stricter punishments for offenders, though Choi did not specify what these penalties would entail, noted Reuters.

In recent years, South Korea has classified 12 industries, including semiconductors, rechargeable batteries, aerospace, and artificial intelligence, as “national strategic technologies,” reported Reuters.

These sectors receive financial backing and additional protection as the country strives to navigate intensifying global competition and disruptions in supply chains.