"Did They Disclose Information Security Properly?"... Government to Conduct Follow-Up Verification on 40 Companies

Strengthened Verification in Sectors Closely Tied to Daily Life
"Detailed Review of Information Security Investments and Activities"

The Ministry of Science and ICT and the Korea Internet & Security Agency (KISA) announced on August 10 that they will conduct verification procedures for approximately three months, until the end of November, to enhance the reliability of information security disclosures.

The verification will target 26 companies with more than one million users and 14 telecommunications service providers, selected from among the 773 companies that disclosed their information security status this year. The government will directly review the disclosed details, such as investments and personnel. In particular, this year, following the hacking incident at SK Telecom, the scope has been expanded to include companies that provide services closely related to daily life.

Specifically, the list includes Samsung Electronics, Kakao, Naver, SK Telecom, Coupang, Tmap Mobility, Woowa Brothers, Emart, CJ ENM, KT, LG Uplus, Kakao Mobility, Samsung SDS, and LG Electronics.

The information security disclosure system, introduced in 2022, requires companies that meet certain thresholds in business sector, revenue, or number of service users to publicly disclose their information security status.

The disclosed information will first be reviewed by a verification team with expertise in accounting and auditing, and then a review committee of experts will conduct a final review. If a significant error is found in the disclosure, the company will be asked to make corrections.

Companies that receive such a request must submit the requested corrections and a statement of reasons through the electronic disclosure system within the specified deadline. If a selected company refuses, obstructs, or fails to implement the corrected disclosure, it may be subject to a fine of up to 10 million won.

An official from the Ministry of Science and ICT stated, "Considering the growing interest in cybersecurity across all sectors of society, we are aiming to conduct a thorough verification of companies' information security investments and activities." The official added, "As a result of emergency on-site inspections of SK Telecom, KT, LG Uplus, Naver, Kakao, Coupang, and Woowa Brothers, no unusual findings were detected."