South Korea is ramping up efforts to safeguard its advanced technologies from overseas leaks, with Finance Minister Choi Sang-mok announcing new measures on Thursday. As competition for cutting-edge technologies intensifies globally, the government aims to bolster the protection of business secrets.
“We will prevent illegal leaks of advanced technologies to raise the global competitiveness of our companies and strengthen technology leadership,” Choi stated during a press briefing.
To enhance these protections, the government plans to establish a “big data” system within the patent agency and implement new regulations that will impose harsher penalties on those found guilty of technology theft. However, Choi did not disclose specific details regarding the nature of these penalties.
Recent data from the National Intelligence Service reveals that there have been 97 reported attempts to leak business secrets to foreign entities over the past five years, with the semiconductor sector accounting for 40 of these incidents. If successful, these leaks could have cost South Korea an estimated 23 trillion won ($16.85 billion).
In a notable case last month, a South Korean executive was arrested again on fresh charges related to the theft of semiconductor technology from Samsung Electronics.
In response to the increasing threat of technology leaks and the fragmentation of global supply chains, South Korea has classified 12 industries as “national strategic technologies.” These sectors, which include semiconductors, rechargeable batteries, aerospace, and artificial intelligence, will receive targeted financial support and protection to bolster their competitiveness on the world stage.
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