Ministry of Science and ICT Announces 655 Companies Subject to Information Security Disclosure Obligations... 58 More Than Before

On the 23rd, the Ministry of Science and ICT announced the companies subject to mandatory information security disclosure, requiring companies to disclose their information security status, including investments, dedicated personnel, and related activities, to promote information security investment and protect users.

This year, companies subject to mandatory information security disclosure include large and medium-sized listed companies, period telecommunication operators equipped with major information and communication facilities, and online streaming and SNS operators with a large number of users requiring significant information security. Due to increased sales of listed companies and growth in online service users, the number of companies increased by 58 compared to the previous year.

[Table provided by the Ministry of Science and ICT]

The Ministry of Science and ICT has published the list of target companies on its official website and the electronic disclosure system (Disclosure Comprehensive Portal). If a company believes it is not subject to disclosure, it can submit an objection form along with supporting documents by May 7 and receive the results of the review.

Companies subject to mandatory information security disclosure must prepare and submit their disclosure content to the Information Security Disclosure Comprehensive Portal by June 30. Failure to disclose information security status may result in a fine of up to 10 million KRW. Additionally, to ensure the reliability of disclosure content, the amended "Information Security Industry Act," which establishes grounds for verification and correction requests, will be enforced from October 19. Companies that refuse or obstruct verification or fail to comply with correction requests may also face fines of up to 10 million KRW.

To assist companies in preparing their information security disclosures, the Ministry of Science and ICT established guidelines in January and is intensively operating pre-inspection support and data generation training until early June. Detailed information can be found on the Information Security Disclosure Comprehensive Portal.

Jung Chang-rim, Director of the Information Security Network Policy Division at the Ministry of Science and ICT, stated, “In the second year since the introduction of the mandatory disclosure system, we are strengthening policy support such as expanding practical disclosure training and revising guidelines. Through the activation of the system, we expect companies to enhance their information security capabilities and increase investments, while users can obtain objective and reliable data to use the internet safely.”