SECURITY MARKET IN KOREA
The current Security Market
The Korean Security Market reached 3.74 billion won in 2019, which is a 2.3% rise compared to 2018.
The 52-hour workweek system along with other new systems will enliven the security industry, where a 5.2% rise is foreseen. The estimated market size for 2020 is 3.95 billion won.
MOLIT (Ministry of Land, Infrastructure and Transport) plans to expand the Smart City Software Platform by 2022
MOLIT plans to build Smart City platforms in 108 local governments. 22 platforms were built in the year 2018, 27 were completed in 2019, and over 30 Smart City platforms are to be constructed this year.
Smart Factories and Security
Along with 10 leading industrial complexes, 30,000 Smart Factories are to be built by 2022. In addition, 100,000 professional personnel are to receive specific training before starting their work at the many Smart Factories. The government was able to support 7,903 Smart Factories up until 2019 and plans to invest an additional 300 billion won in order to build 4,400 more factories. 6,000 Smart factories are planned to be constructed this year and 6,200 more in 2022.
2020- THE 7 CYBERSECURITY KEYWORDS
To mark the start of a new year, the security industry has set its goal. According to the ‘2020 Security Threat’, security organizations and domestic security specialized companies have selected 7 cyber security keywords for the year 2020.
Keyword 1- Artificial Intelligence
Careful observations on malware features, abnormal acts, characteristics of its attackers, and machine learning based AI algorithms enable the defenders to deal with cyber threats. However, such observations also give the attackers a chance to invent new attack methods. Defenders must always stay alert since the risk of inputting false data and many other unsolved errors are relatively high in AI.
Even though most security solutions are built and driven on human logic-based detection engines, keeping the latest technology manually up to date is impossible. To solve this problem, AI is useful for detecting threats, accelerating its responding speed, and blocking out the attack before its proliferation. However, as cyber criminals continue using the same technology, stronger malware is being developed.
Keyword 2- Ransomware
The new method of ransomware attack now aims at specific targets, where companies, communities, and public institutions are at risk. Companies with strong financial powers are most likely to be their targets as the attackers will be rewarded huge sums of money for their success. Those providing Infra and Database storage, local government and healthcare organizations, are listed as main targets.
Keyword 3- Supply Chain Attack
Supply Chain attacks will continue to infiltrate into the supply chain through third party systems and services. Therefore, due to its weak security systems, those purchasing third party vendor products and services, must take extra caution.
Keyword 4- Cloud
The interest in Cloud Security is on the rise. However, it is pointed out that Cloud computing’s largest vulnerability is the operator’s configuration error. More complex and flexible Cloud systems will eventually lead to a greater number of errors and reveal itself as a target for many cyber attackers.
Keyword 5- Malicious emails
Receiving emails containing malware is not a new thing anymore. The Financial Security Institute warns us how malware email attacks are becoming more cunning and harder to block. Spear Phishing, a traditional method of attack which uses HWP and DOC documents, will not stop this year.
Keyword 6- Internet of Things (IoT)
IoT devices are now being more commonly used and those using 5G network are as well. On the contrary, network weaknesses of the large scale multi vector 5G cyber-attacks are predicted to increase in large numbers. The main problem is that the network between IoT devices, its network, and Cloud is security-wise still unstable. This makes it harder to perceive clear visibility of the devices and requires complex security requirements. The existing regulations and the new ones must be integrated in order to protect the developing network of all industries and business fields.
Keyword 7- Darkweb
Darkweb is now well-known to the public. Certain programs which enable Korean Netizens to improve their networking skills, is eventually a shortcut for them to be involved in the distribution of illegal programs and cybercrime.
Personal information and hacking tools traded on Darkweb are mostly misused. Examples of such are credential stuffing, spear phishing, and smishing. Darkweb is also a place where financial crimes are taking place, and it was for this reason why Darkweb was included as one of the 9 Cyber-security issues of 2020.
SEOUL AS A SMART CITY
The Smart City industry is predicted to reach 1.69 trillion dollars by 2021, where KISTI (Korea Institute of Science and Technology Information) estimates the domestic Smart City market to reach 151 trillion won by then.
In 2017, the South Korean government formed the Presidential Committee on the 4th Industrial Revolution and issued the Smart City propulsion strategies the following year.
Seoul Metropolitan City (Seoul) is one of the most renowned Smart Cities in the world, where traffic and safety, environment, and many other services are being dealt with. The Main Prize for World Smart City Awards last year, which was held at the SCEWC (Smart City Expo World Congress) in Spain, was awarded to Seoul.
With its high-speed communications network and wi-fi nationwide as well as the establishment of the world’s best e-Government systems, Seoul continues to rank number one for seven executive years at the ‘World’s Top 100 e-Government Cities’ assessment. Furthermore, Seoul was one of the top three at the world’s Smart City assessment run by Eden Strategy Institute in Singapore.