South Korea is ramping up efforts to prevent overseas leaks of business secrets, particularly in advanced technologies, in response to growing global competition, Finance Minister Choi Sang-mok announced on Thursday.
The move comes as the country aims to safeguard its technology leadership and boost the global competitiveness of its companies.
Choi revealed that the government will implement a new “big data” system at the patent agency to help detect and prevent illegal technology leaks. Furthermore, South Korea plans to introduce stricter regulations, ensuring harsher punishments for those caught leaking sensitive business information. However, the specifics of these penalties were not disclosed.
The urgency of these measures is highlighted by the National Intelligence Service, which reported 97 attempts to steal business secrets over the past five years, with 40 targeting the semiconductor industry. These leaks, if successful, could have caused an estimated loss of 23 trillion won ($16.85 billion) to the South Korean economy.
Recently, a South Korean executive was re-arrested on fresh charges related to the theft of semiconductor technology developed by Samsung Electronics. This case highlights the ongoing risks faced by the country’s high-tech industries, which are increasingly targeted by foreign competitors.
In response to this global competition, South Korea has designated 12 industries as “national strategic technologies,” providing them with financial support and enhanced protection. These industries include semiconductors, rechargeable batteries, aerospace, and artificial intelligence, as the country looks to maintain its edge in critical sectors.