South Korea invests 3.4 billion won to boost maritime and space security

By Kuksung Nam, The Readable
Jun. 21, 2023 7:15PM GMT+9 Updated Jun. 22, 2023 10:30AM GMT+9

The South Korean government is providing 3.4 billion won ($2.6 million) in funding for private companies as part of a pilot program to enhance security capabilities across maritime and space.

According to a press release on Tuesday, the Ministry of Science and ICT (MSIT) and the Korea Internet & Security Agency (KISA) stated that the investment will be focused on developing security products related to smart shipping, space, robotics, and drones. In an official notice, the South Korean government stated that they will provide 840 million won (almost $650,000) at the most for each project.

Over the next six months, with the help of the government’s assistance, the private sector will work on creating security systems that detect and analyze cyber threats targeting ships equipped with the latest technologies. They will also put their effort into developing satellite systems that could safely transfer data from space to earth based on quantum cryptography.

The South Korean government explained that they plan to assist private companies with commercializing their final products so that they could be applied in multiple industries. “When developed, these products could be used within private sectors,” said an official of the cybersecurity industry division at the MSIT to The Readable. “If the public sector has a need, they could also use these products depending on their demands.”

The South Korean government has been launching the security enhancement pilot program since 2021. In the past two years, the government focused on developing security products linked to remote medical treatment, remote work, remote identification, and online payments which were highly prone to cyber threats because of the pandemic.

The cover image of this article was designed by Areum Hwang.

Kuksung Nam is a journalist for The Readable. She has extensively traversed the globe to cover the latest stories on the cyber threat landscape and has been producing in-depth stories on security and privacy by engaging with industry giants, foreign government officials and experts. Before joining The Readable, Kuksung reported on politics for one of South Korea’s top-five local newspapers, The Kyeongin Ilbo. Her journalistic skills and reportage earned her the coveted Journalists Association of Korea award in 2021 for her essay detailing exclusive stories about the misconduct of a former government official. She holds a Bachelor’s degree in French from Hankuk University of Foreign Studies, a testament to her linguistic capabilities.