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S. Korea’s Overseas Direct Purchases Surge in H1

S. Korea’s Overseas Direct Purchases Surge in H1

SEJONG, Aug. 11 (Korea Bizwire) — South Koreans’ direct purchases from foreign countries rose sharply in the first six months of the year on rising demand for cheaper price tags, customs data showed Friday. A total of US$974.1 million worth of foreign goods was directly bought by South Korean shoppers via international shopping malls in [...]

Suwon Turns to Big Data to Fight Crows

Suwon Turns to Big Data to Fight Crows

SUWON, Jul. 29 (Korea Bizwire) — The city of Suwon, which suffered a power outage and vehicle contaminations last year due to the appearance of flocks of crows, has decided to draw up countermeasures, utilizing big data to track crow movements. The city revealed on July 28 that it will set up a customized platform [...]

S. Korea’s 2nd Internet-only Bank to Begin Operations Thursday

S. Korea’s 2nd Internet-only Bank to Begin Operations Thursday

SEOUL, Jul. 26 (Korea Bizwire) — South Korea’s second Internet-only bank, Kakao Bank, is set to begin operations Thursday, in the latest move by the government to reinvigorate the nation’s banking sector suffering from weaker growth. The planned launch of Kakao Bank, led by Kakao Corp., operator of Korea’s dominant messaging app KakaoTalk, came after [...]

South Korean Research Team to Develop New Cyber Security Technology

South Korean Research Team to Develop New Cyber Security Technology

SEOUL, Jul. 7 (Korea Bizwire) — A government-backed South Korean research institute has announced plans to develop a new cyber security technology that will create false information, network addresses and data to confuse hackers. The Electronics and Telecommunications Research Institute’s (ETRI) security technology R&D project comes in the wake of growing risks of cyberattacks facing both [...]

South Korean Arms Industry Urged to Prepare for Cyberattacks

South Korean Arms Industry Urged to Prepare for Cyberattacks

SEOUL, Jul. 5 (Korea Bizwire) — Industry experts are warning the South Korean arms industry to ramp up security in preparation for growing cyberattacks in the coming years, while a number of industry sources say some of the previous attacks could have been state-sponsored. Similarities found between previous cyberattacks against the South Korean arms industry over [...]

BC Card to Adopt Blockchain Technology for Improved Productivity

BC Card to Adopt Blockchain Technology for Improved Productivity

SEOUL, Jul. 5 (Korea Bizwire) — South Korean credit card company BC Card is adopting KT’s blockchain-based electronic signature capture system (ESC), a world’s first, which could slash the time spent processing electronic signatures by up to 70 percent. The collaboration between the South Korean telecom giant and BC Card will see the blockchain technology, which [...]

Kakao Bank Aims to Lead Online Payment Market: co-CEOs

Kakao Bank Aims to Lead Online Payment Market: co-CEOs

SEOUL, Jul. 5 (Korea Bizwire) — Kakao Bank, South Korea’s second Internet-only bank, aims to eventually lead the online payment market, by taking advantage of its robust mobile ecosystem, the bank’s two co-chief executives said Tuesday. Kakao Bank, led by Kakao Corp., operator of Korea’s dominant messaging app KakaoTalk, is set to officially begin its [...]

Hackers Threaten Banking Institutions With DDoS Attacks

Hackers Threaten Banking Institutions With DDoS Attacks

SEOUL, June 27 (Korea Bizwire) – Hackers who threatened to launch a distributed denial-of-service attack (DDoS) made good on their promise by attacking a number of South Korean banking institutions on Monday. According to the Financial Supervisory Service (FSS), a hacker group called the Armada Collective targeted the Korea Financial Telecommunications & Clearings Institute (KFTC), [...]

South Korean Web Hosting Company Gives In to Ransomeware Hackers

South Korean Web Hosting Company Gives In to Ransomeware Hackers

SEOUL, Jun. 15 (Korea Bizwire) — South Korean web hosting site Nayana Communication has struck a deal with ransomeware hackers to pay over 1 billion won to bail the company out of its predicament after losing access to data that hackers encrypted. The South Korean web hosting provider released a statement yesterday, acknowledging a deal they [...]

Naver Facility Among the World’s Top 10 Most Beautiful Data Centers

Naver Facility Among the World’s Top 10 Most Beautiful Data Centers

SEOUL, Jun 15 (Korea Bizwire) — Naver’s data center ‘Gak’, which is located in Chuncheon, Gangwon Province, has made it to a list of the top ten of the world’s best-looking data centers, joining the likes of Google and aql. British IT journal Data Center Dynamics has recently announced ten of the most beautiful data centers [...]