Markets Magazine
Hyundai’s Chung Enlists Lady Gaga in Shaking Up Korean Chaebols
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Ted Chung, chief executive officer of South Korea’s biggest consumer finance company, was on a business trip in Copenhagen in April 2011 when his deputy called in a panic. Hackers had broken into computer servers at Hyundai Capital Services Inc., stealing customers’ personal information. Stunned, Chung hopped the Hyundai jet back to Seoul.
Then, in a rare move in the tight-lipped world of Korea’s family-run conglomerates, or chaebols, Chung held a nationally televised press conference, Bloomberg Markets magazine will report in its March issue. He agreed to spend 100 million won ($92,000) to help investigate and raised Hyundai Capital’s annual security budget for information technology sevenfold to 35 billion won.