"Looking for Smart AI Security Companies" Up to 1 Billion KRW Support Over 2 Years

[Asia Economy Reporter Seulgina Jo] The Ministry of Science and ICT and the Korea Internet & Security Agency (KISA) announced on the 4th that they will carry out the ‘AI-based Security Product and Service Development Support’ project to effectively respond to the increased security threats due to accelerated digital transformation after COVID-19.

The core of the project is to provide full-cycle support for domestic companies developing information security products and services using AI technologies such as machine learning and deep learning, from prototype development to overseas expansion, for up to two years.

Up to 1 billion KRW will be supported over two years in the form of matching funds between the government and the private sector, with the amount of support and the private sector’s contribution ratio varying according to the size of the company.

In the first year, this year, support will be provided for prototype development costs as well as technical consulting and development tools. In the second year, the commercialization potential will be evaluated, and assistance will be given for the production, advancement, and commercialization of AI-based security products and services. Additionally, support will be provided for global market expansion through KISA’s major overseas bases (in five countries).

The Ministry of Science and ICT and KISA plan to discover 30 promising companies through the first evaluation in the public contest and select the final 15 support targets through the second evaluation. The application period is until the 26th. Companies wishing to participate can apply in the fields of ▲advancing proprietary security technologies such as malware detection using AI, ▲proactively responding to security threats that may arise in converged security industries through AI, and ▲addressing issues caused by AI misuse.

Detailed information about the contest can be found on the Korea Internet & Security Agency website (www.kisa.or.kr) and the Information Security Industry Promotion Portal (www.ksecurity.or.kr). A related online briefing session will be held on the 5th via Kakao TV and YouTube.

Cyberattacks using AI are becoming increasingly sophisticated and accelerated. The proportion of AI security technology in the information security industry is also expected to gradually expand. According to Market and Markets, the AI market size in cybersecurity is estimated to grow from $3.96 billion in 2017 at an average annual growth rate of 31.38%, reaching $34.81 billion by 2025.

Seunghyun Son, Director of Information Security Network Policy at the Ministry of Science and ICT, stated, “Without information security, the success of the government’s Digital New Deal cannot be guaranteed,” adding, “We will lead a safe digital transformation era through AI security technology and strengthen government support so that information security companies based on new technologies can continue to grow.”