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S. Korea: Threat of Malicious Code Growing
Source: http://english.yonhapnews.co.kr/
Source Date: Tuesday, May 21, 2013
Focus: Institution and HR Management
Country: Korea (Republic of)
Created: May 21, 2013

South Korea had the third-highest number of malicious codes detected on computers last year among other major countries, reflecting the urgency to draw up thorough measures to prevent any more cyber attacks, a report showed Tuesday.

The number of computer malware uncovered in South Korea reached 3.26 million in the fourth quarter of 2012, ranking third in the global list, only trailing behind the top-placed United States with 8.96 million and Brazil with 4.46 million, according to a report by Microsoft Corp.

The corresponding figure for Web sites that distribute malicious codes came in at a ratio of 17.9 for every 1,000 Web sites in Korea, also the third-highest among its peers, the report said.

Sung Jae-mo, the chief economist in online security at the Korea Institute of Finance (KIF) who quoted the report in his latest research, called for the need to develop technology and online security policy that are well adapted to the fast-changing online environment.

"We expect to see more and new kinds of cyber attacks as mobile banking has been generating huge demand," he said.

Growing fear over cyber attacks on online banking systems has sparked a heated debate in South Korea after online networks at a number of major banks and insurers here were hacked by an unknown malware between late March and April, causing inconvenience for users, although there were no leaks of personal information.

Lim Eul-kyu, a professor at Hanyang University, said in a separate report that financial institutions should hasten to provide online banking users a more protected security system. He suggested banks have a separate server that focuses only on detecting security-related problems.

"Financial companies also need to be more cooperative in building up a flexible warning system with each other to shore up the online network security," Lim added.
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