Latest news with #CheyTaeWon
Reuters
3 days ago
- Business
- Reuters
South Korea orders SK Telecom to strengthen data security after leak
SEOUL, July 4 (Reuters) - South Korean authorities ordered on Friday SK Telecom to strengthen data security and imposed a fine after the country's biggest mobile carrier was hit by a cyberattack that caused the leak of 26.96 million pieces of user data. The measures come after SK Telecom ( opens new tab in April disclosed that it had suffered a major leak of customer data caused by a malware attack. The Ministry of Science and ICT said on Friday that it will impose a fine of up to 30 million won ($21,970), and SK Telecom must enforce security measures at least once a quarter, have its chief executive officer directly oversee data governance, and increase personnel and investment in data security. "This... was a wake-up call for information protection not only in the domestic telecommunications industry but also in the overall network infrastructure," Science Minister Yoo Sang-im said in a statement issued after an investigation by the ministry. SK Group Chairman Chey Tae-won apologised last month for the data leak and SK Telecom said it would take full responsibility for any harm caused as a result of the breach, which has caused alarm among its 23 million users over the possible theft of personal and financial information. The mobile carrier said it would start offering free universal subscriber identity module (USIM) replacements to all 23 million users for free at more than 2,600 retail stores nationwide following the cybersecurity breach. About 9.39 million users have replaced their USIMs as of late June, according to SK Telecom.
Forbes
23-06-2025
- Business
- Forbes
Billionaire Chey's SK Group Partners With Amazon To Build A $5 Billion AI Data Center In Korea
Chey Tae-won, chairman of SK Group. SeongJoon Cho/Bloomberg South Korean billionaire Chey Tae-won's SK Group has teamed up with Amazon Web Services, the cloud service arm of Amazon, to invest 7 trillion won ($5.1 billion) to build an AI data center in South Korea. The AI data center will be located in the southern Korean city of Ulsan, a major industrial hub, the country's Ministry of Science and ICT said in a statement on Friday. The facility will begin construction in September and be fully operational by early 2029 with a capacity of more than 100 megawatts. AWS will contribute $4 billion to the project, the ministry added. In a separate statement on Sunday, SK Group said the Ulsan data center is a 15-year project between the semiconductor-to-telecoms conglomerate and AWS to support Korea's AI development with fast networks, advanced computer chips and efficient energy systems. Chey, chairman of SK Group, wrote in a LinkedIn post on Sunday that the Ulsan data center will accelerate AI development and that his company 'is uniquely positioned' to meet the demands for AI infrastructure. 'At the Ulsan AI Data Center, this synergy will be realized through SK Hynix's high-bandwidth memory, SK Telecom and SK Broadband's extensive operational expertise, and SK Gas and SK Multi Utility's support for stable power and infrastructure—all coming together to deliver the scale and performance needed for AI's exponential growth trajectory,' Chey wrote. SK Group is among the Korean companies investing heavily in AI and related infrastructure. Last year, the conglomerate said it will invest 82 trillion won by 2026 in high-bandwidth memory (HBM) chips, which are essential components for AI chips, as well as data centers and personalized AI assistant services. SK Group has also been investing in AI startups, including search engine Perplexity and video search company Twelve Labs in the U.S., as well as Korean large language model developer Upstage. Meanwhile, its AI chip startup Sapeon last year merged with rival Rebellions in a deal that valued the combined entity at 1.3 trillion won. Other Korean companies joining the AI race include billionaire Kim Beom-su's Kakao. The internet giant said earlier this month it will invest about 600 billion won to build an AI data center in Korea. It came on the heels of Kakao's partnership with OpenAI, including a deal to use the ChatGPT maker's technology to power its new personalized AI tool and to co-develop new products tailored to Korean users. MORE FROM FORBES Forbes South Korea's AI Chip Champion Is Poised To Carve Out Global Niche By John Kang Forbes Billionaire Chey's SK Backs Korean AI Startup, Eyes Synergies In Databases, Home Appliances And Hotels By John Kang Forbes Korea's Kakao Teams Up With OpenAI To Develop AI Products By Zinnia Lee
Yahoo
20-06-2025
- Business
- Yahoo
Amazon Just Bet $4 Billion on South Korea's AI Boom -- Here's Why It Could Be a Game-Changer
Amazon Web Services (NASDAQ:AMZN) and SK Group are teaming up to build what could become South Korea's most powerful AI infrastructure project to date. The two giants are putting roughly $5.11 billion on the table$4 billion from AWS aloneto develop a hyperscale data center in Ulsan. Construction is scheduled to start in September, with a 100MW launch target by 2029. But that's just the beginning. SK Group Chairman Chey Tae-won told investors the plan is to scale to one gigawatt down the road, potentially transforming Ulsan into a global nerve center for AI computing. The announcement wasn't just corporate theater. South Korean President Lee Jae Myung and tech leaders showed up in force, signaling just how strategic this move could be for the country's long-term growth. President Lee pointed out that building next-gen tech infrastructure outside the capital is more than a regional development playit might be a template for the nation's high-tech decentralization. Chey, for his part, sees the AI race as a core pillar of Korea's future economic engine. If SK can deliver on the capacity, this site may serve as a launchpad for global AI trafficnot just domestic. Investors were already connecting the dots. On Friday, AI-linked names rallied hard. SK Hynix (HXSCL) gained over 3%, Kakao popped 11%, and LG CNS surged 9%, lifting the KOSPI above 3,000 for the first time in over three years. The market response suggests traders aren't just excited about another data centerthey're betting this investment could be a catalyst for Korea's next AI leap. This article first appeared on GuruFocus.
Yahoo
20-06-2025
- Business
- Yahoo
Amazon Just Bet $4 Billion on South Korea's AI Boom -- Here's Why It Could Be a Game-Changer
Amazon Web Services (NASDAQ:AMZN) and SK Group are teaming up to build what could become South Korea's most powerful AI infrastructure project to date. The two giants are putting roughly $5.11 billion on the table$4 billion from AWS aloneto develop a hyperscale data center in Ulsan. Construction is scheduled to start in September, with a 100MW launch target by 2029. But that's just the beginning. SK Group Chairman Chey Tae-won told investors the plan is to scale to one gigawatt down the road, potentially transforming Ulsan into a global nerve center for AI computing. The announcement wasn't just corporate theater. South Korean President Lee Jae Myung and tech leaders showed up in force, signaling just how strategic this move could be for the country's long-term growth. President Lee pointed out that building next-gen tech infrastructure outside the capital is more than a regional development playit might be a template for the nation's high-tech decentralization. Chey, for his part, sees the AI race as a core pillar of Korea's future economic engine. If SK can deliver on the capacity, this site may serve as a launchpad for global AI trafficnot just domestic. Investors were already connecting the dots. On Friday, AI-linked names rallied hard. SK Hynix (HXSCL) gained over 3%, Kakao popped 11%, and LG CNS surged 9%, lifting the KOSPI above 3,000 for the first time in over three years. The market response suggests traders aren't just excited about another data centerthey're betting this investment could be a catalyst for Korea's next AI leap. This article first appeared on GuruFocus.
Zawya
20-06-2025
- Business
- Zawya
South Korea says SK and Amazon to invest $5bln in country's biggest data centre
SEOUL - South Korea's SK Group will invest around 7 trillion won ($5.11 billion) including $4 billion from Amazon Web Services, Amazon's cloud services provider, to build a data centre in the southern city of Ulsan, the Science Ministry said on Friday. The AI data centre, which will be the country's largest, will break ground in September and be fully operational with a capacity of 100 megawatts by 2029, the ministry said in a statement. SK Group Chairman Chey Tae-won said he planned to expand the data centre's capacity to one gigawatt in the future and make it a global hub that handles domestic AI demand during a meeting attended by President Lee Jae Myung and tech CEOs. Artificial intelligence was crucial for South Korea's growth, he said. "It may set a good example that South Korea's high-tech industry is possible not only in the metropolitan area but also in the provinces," Lee said. South Korea's AI-related stocks on Friday extended a rally on policy optimism, with SK Hynix rising more than 3%, Kakao surging 11%, and LG CNS gaining 9%, leading the benchmark KOSPI above a key milestone of 3,000 points for the first time in 3-1/2 years. The official announcement follows media reports earlier this month that SK Group and Amazon Web Services were building a data centre in South Korea. ($1 = 1,368.7600 won) (Reporting by Hyunsu Yim and Jihoon Lee Editing by Ed Davies)
