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Korean Government to Nurture 100 Startups in Information Security Sector until 2020
K-ICT Security 2020 Plan
Korean Government to Nurture 100 Startups in Information Security Sector until 2020
  • By Cho Jin-young
  • June 10, 2016, 03:00
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The Ministry of Science, ICT & Future Planning announced a plan to back up 100 startups and 10 hidden champion companies in the information security industry until 2020.
The Ministry of Science, ICT & Future Planning announced a plan to back up 100 startups and 10 hidden champion companies in the information security industry until 2020.

 

The Ministry of Science, ICT & Future Planning announced the K-ICT Security 2020 Plan on June 9. The purpose of the plan is to back up 100 startups and 10 hidden champion companies in the information security industry until 2020 so that the industry’s reliance upon the domestic market can be reduced and it can become more export-oriented than now.

The South Korean government is planning to help the sector record a total export of 4.5 trillion won by 2020 in the framework of the plan, which is expected to result in the creation of 19,000 jobs based on startup assistance and an increase in investment in the industry.

According to the plan, security functions are to be applied from the very first design stage of convergence product and service development in the five information and communications technology sector segments of medical technology, energy, transportation, home appliances and manufacturing. At the same time, the development of intelligent CCTVs, biometric recognition, smart cards and big data-based image analysis is to be promoted as four promising future-oriented physical security technologies. A convergence security environment test bed is to be set up in Pangyo, Gyeonggi Province while preparations are made from the second half of this year for an information response system with regard to intelligent AI. 

In addition, the government is to turn South Korea’s information security business models into K-security brands so digital forensics techniques, security breach response techniques and the like can be exported to different countries in the Middle East, Latin America and Southeast Asia.