SK Telecom Faces Cyber Crisis

In a shocking turn of events, SK Telecom's shares took a nosedive by 8.5% on Monday, reaching their lowest point since August last year. This dramatic drop comes on the heels of the company's alarming revelation regarding a significant data breach caused by a cyberattack.

Data Leak Details Emerge

The South Korean telecommunications giant announced that the breach affected the personal data of millions and was detected on April 18. Although details surrounding the malware incident remain scarce, SK Telecom has publicly vowed to take full responsibility for the fallout, promising transparency and action moving forward.

Immediate Customer Support Measures

In a bid to regain customer trust, SK Telecom is rolling out free replacements for Universal Subscriber Identity Modules (USIMs) to all its 23 million users. Starting Monday, customers can acquire new USIMs at over 2,600 retail outlets across the nation.

Boosting Security Awareness

To further enhance security, SK Telecom is encouraging its customers to enroll in its USIM Protection Service, designed to provide equivalent safeguards as a USIM replacement. As of this week, around 5.54 million customers, nearly one-fourth of SK's total subscriber base, have already signed up for this service.

Market Reaction

As a consequence of the breach, SK Telecom shares closed down 6.7%, marking the steepest decline since March 2020, while the benchmark KOSPI index barely budged, rising just 0.1%. Investors are undoubtedly grappling with the implications of this cyber crisis, as SK Telecom strives to navigate the turbulent waters ahead.