Cyberattacks have advanced in sophistication as the world gets more linked. Cyberattacks are more well-planned, persistent, and carried out on a bigger scale as a result of the emphasis on international hacker groups and cyber terrorists. That focus expanded to cover both private sector assets and vital infrastructure. The internet’s global reach contributes to some devices’ and data storage vulnerabilities.
South Korea has emerged as a top target for cyberattacks. Thanks to the advent of a 5G network, a high level of network connectivity, high penetration of mobile devices, and valuable intellectual property. South Korea is the second-most vulnerable nation in the APAC region to cyberattacks, according to the 2020 VMware-Cyber Deloitte’s Smart Index. The ransomware WannaCry assault in 2017 jolted the Korean people into realizing that their society was under attack from every angle. Not just with conventional weaponry but also through readily deployable cyberattacks. Cyberattacks in this country are becoming more frequent and sophisticated. The most recent assaults against this nation have used zero-day attacks, supply chain hacks, advanced malware, and crypto-jacking.
It is not unexpected that demand for cybersecurity goods and services in Korea has increased as knowledge of cyber dangers has increased. The cybersecurity market expanded at a CAGR of 13% over the previous five years, reaching $3.3 in 2020, according to a survey conducted by the Korean government in 2022.
The nation has one of the fastest IT infrastructures in the world, but it also has a system that is open to cyberattacks.
Opportunities
South Korea is a perfect market for businesses looking to test cybersecurity solutions before deploying them in other countries. This is because of its leadership in high-speed internet use and cutting-edge ICT infrastructure. There are chances for businesses that offer cybersecurity-related consulting and training services, even though those that develop complex and cutting-edge technologies for critical infrastructure are more likely to thrive. Overall, the Korean market favors American items for their high quality and dependability, and it is anticipated that this trend will continue.
The U.S. Commercial Service in Korea advises U.S. technology companies to collaborate with competent South Korean businesses that have established sales networks in both the private and public sectors. Also, are fully aware of regional market characteristics and special regulatory requirements if they want to enter the cybersecurity market.
Artificial Intelligence (AI)
South Korea is enhancing its AI skills and has stated its desire to establish itself as a worldwide competitor in the markets for AI technologies. Officials in the Republic of Korea (ROK) are devoted to making Korea a leader in artificial intelligence (AI). This is because they consider AI as a critical component of the nation’s competence in the ICT industry. To further this objective, the ROK government unveiled its first national AI strategy in 2019. This strategy emphasized significant investments in AI infrastructures as well as increased adoption of AI technologies across all industries. The government unveiled the Digital New Deal in 2020. A national strategy for digital transformation called for industrial and educational initiatives on the potential benefits of AI to be spearheaded by the state. Additionally, the nation unveiled a fiscal 2022 budget proposal that allocates around $3 billion to programs tied to AI technology.
As a result, the ROK designated ten local universities as AI engineering schools and four national universities as AI research centers as of 2022. South Korea recognized that there is a talent gap in the engineering field for experienced and skilled AI talent. The movement also aims to refocus government R&D resources on a variety of AI-related research areas, including fundamental AI, AI ethics, and the convergence of AI with other sectors.
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