South Korea announced earlier this week that the country is developing Stuxnet-like cyberweapons to attack North Korean nuclear facilities.
This comes on the heels of a meeting between US National Security Agency Director and Commander of US Cyber Command, General Keith Alexander and South Korean Defence Minister Kim Kwan Jin in early February to discuss how to deal with increasing cyber security threats, including those from the north.
While international cyber warfare is a can of worms unto itself, concerns about cyber security are increasing across all industries. This is one reason for significant growth of the Cyber Security Market in South Korea, which is posting a CAGR of 21.24 percent during the period 2013-2018.
Rising Security Threats
Increasing dependence on websites and web applications across all spheres has led to an unprecedented rise in cyber-attacks. In addition to the number of threats, the complexity of threats is evolving, with more and more advanced persistent threats (APTs) being detected. Unlike traditional threats, APTs have the ability to affect an organization’s entire IT infrastructure and these attacks tend to target critical installations, such as government departments, web servers, and customer databases, making them far more harmful than other threats. Hence, to better secure their network, companies from many industries are adopting network security solutions.
However, the high cost of implementing third-party cyber security systems is curtailing widespread adoption of these solutions in South Korea. In addition to high costs, there is also an accompanying change in culture that comes with heightened cyber security. Managed security services implementation generally requires a new business environment with a complex transition of people, processes, hardware, software, and other assets, all of which may introduce new business risks as well as hidden costs. This implementation may require the need to redefine or change the roles and responsibilities of employees, which can give some organizations pause before adopting new security services.
But even given these roadblocks, an increasing number of SMEs, particularly in the manufacturing, retail, and banking sectors, are adopting managed security services to protect their data. These businesses don’t generally possess the in-house knowledge resources to evaluate security products, or to deploy, integrate, and manage the whole setup of the security infrastructure. Therefore, they tend to opt for managed security services to implement, monitor, and maintain their security. These SMEs seek the help of service providers to monitor the network in real-time for unauthorized network intrusions and virus attacks.
As the instances of cyber-attacks in South Korea are expected to increase, the cyber security market will continue to grow.
For more information on this up-and-coming market, including drivers, trends and challenges, view our Cyber Security Market in South Korea 2014-2018 report.
You might also be interested in:
- Global Security Analytics Market 2014-2018
- Global Wireless LAN Security Market 2014-2018
- IT Security Market in Japan 2014-2018
