Hanwha and Samsung lead Korea’s cyber insurance push
Only 2.7 percent of Korean firms hold cyber insurance despite growing risks
South Korea is stepping up efforts to strengthen its cyber insurance sector as corporate cyberattacks surge across industries. A string of major breaches has revealed widespread vulnerability and renewed demand for more comprehensive digital risk protection.
Hanwha General Insurance launched Korea’s first Cyber Risk Management Centre last November and partnered with global cybersecurity firm Theori and law firm Shin & Kim to expand its offerings.
Despite the growing need, the market remains underdeveloped. Cyber insurance makes up only 1 percent of Korea’s accident insurance sector, with a 2024 report estimating local cyber premiums at $50 million, just 0.3 percent of the global total.
Regulators and industry voices call for higher mandatory coverage, clearer underwriting standards, and financial incentives to promote adoption.
As Korean demand rises, comprehensive policies offering tailored options and emergency coverage are gaining traction, with Hanwha reporting a 200 percent revenue jump in under a year.
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