Hanwha, Samsung move to fill coverage gap as corporate breaches fuel demand
A string of high-profile cyber incidents — from SK Telecom’s data breach to a ransomware attack on Seoul Guarantee Insurance — has raised alarm over digital vulnerabilities and spurred Korean insurers to ramp up cyber coverage.
Leading the response is Hanwha General Insurance, which in November launched its Cyber Risk Management Center, the first dedicated cyber risk division established by a Korean insurer.
As part of its strategy, Hanwha formed a three-way partnership with global cybersecurity firm Theori and leading Korean law firm Shin & Kim, which operates a team specializing in digital and IT-related legal issues.
Samsung Fire & Marine has also stepped up, establishing a cyber risk team last year and launching a policy in May tailored to small- and mid-sized firms — those with under 100 billion won ($72 million) in revenue and fewer than 3 million data subjects.
Despite rising threats, Korea’s cyber insurance market remains underdeveloped. A 2024 report by Munich Re estimated Korean cyber premiums at just $50 million, only 0.3 percent of the global total and…
