Korea lags behind global peers in cyber insurance despite wave of hacks

Cyber risks are escalating across the globe, but Korea's insurance market — meant to cushion businesses from potential fallout from hacks — is barely keeping pace with global peers, according to industry officials, Tuesday. The nation's cyber insurance sector accounts for just about 0.02 percent of global premiums, a negligible share for one of the world’s most digitally advanced economies. The gap is becoming harder to ignore, as a string of high-profile breaches have rattled major industries from telecom and finance to e-commerce. Companies such as SK Telecom, Coupang, YES24 and Lotte Card have all made headlines for being hacked in recent months. The scale of the threat is growing quickly. Korea experienced 2,383 cyber incidents in 2025 alone — nearly double the level from just two years earlier — with server hacking accounting for the largest share, according to the Korea Internet & Security Agency. Despite the surge in attacks, the country’s cyber insurance market remains underdeveloped relative to the size of its economy and Korea's overall insurance market. A 2024 repor

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