South Korea is one of the most digitally connected countries in the world. For this reason, as in other digital societies, it is exposed to potential cyber attacks, which can cause a multitude of problems for institutions, such as disrupting the economy and undermining social trust. These cyber attacks can come from a variety of malicious actors, causing disruption to the information and communication technology (ICT) systems of the government of the Republic of Korea and the country’s private sector. Given this issue, over the past three decades, South Korea has developed better and more comprehensive cybersecurity policies to ensure preparedness, response and recovery capabilities in both the public and private sectors.
The increase in demand for products launched by Korean startups in the cybersecurity sector is part of this strategy. This is because the scope of cybercrime is projected to reach about $10.5 trillion annually by 2025. However, with the advancement of AI, machine learning, the development of a new generation of hackers and the demand for work due to COVID-19, these startups have attracted a lot of funding to craft services that secure applications for remote workers and user data as it flows from the cloud to IoT devices. Here are the top 3 cybersecurity startups in Korea that we should pay special attention to in 2022.
SSenStone startup logo
Korean fintech startup SsenStone aims to offer a more secure way to use credit cards online. Its credit cards have a number that is updated without being duplicated each time a new transaction is made. This technology, called Virtual One Time Code (VOTC), is intended to create a virtual number for more than one million times. When the cardholder uses this number, his or her data will be stored without the availability of a network connection. SsenStone’s future goal is to license its technology to credit card companies to create a strategic partnership and improve their security. In addition, it should be noted that SsenStone has developed a useful authentication solution for the next generation: Fast Identity Online (FIDO).
TEEware startup logo
Founded at Information Security Laboratory of the KAIST (Korea Advanced Institute of Science and Technology) , TEEware provides solutions for data encryption and key management. The company is known for its high level of security and user-friendliness, as it uses technologies such as TEE (Trusted Execution Environment) in its research. Moreover, thanks to their qualities, TEEware’s products are largely a good way to cope with the security requirements of various applications in sectors such as cloud, Blockchain, IoT, Fintech and more. Recently, the company has released a product focused on large-scale key solution called KangaLock vHSM. This product was achieved by redesigning the traditional HSM to improve and overcome the limitations present in the cloud.
Cloudbric startup logo
It is characterized by offering web, mobile, remote access and blockchain security solutions. It offers users active security management 24 hours a day, communicating through notifications real-time responses to threats received. Another of its special functions or features is its user-friendly console, which allows users themselves to receive personalized security recommendations based on the data obtained. This startup has partnered with companies such as Microsoft Azure, AWS and many more to operate with more than 10,000 organizations in over 25 countries.
It is important to highlight the innovativeness of the cybersecurity sector in Korea, as it is growing on a large scale due to the constant and accelerating digital transformation, the increase in security threats, and the need for an efficient response to it. A large number of Korean investors consider investing in cybersecurity issues as a field with a secure vision, as these challenges and insecurities regarding cybersecurity are being solved in a fast and efficient manner by Korean startups, challenges that will not go away soon. Additionally, there are not only efforts from the financial sector dedicated to the prevention of user data theft, but there is also a great deal of research conducted by university students in Korea and other sectors around the world such as Latin America.
Written by: Zarina Paucar
Reviewed by: Andrea Ramirez