South Korea is spending $607 million on cybersecurity
South Korea is pouring in $607 million by 2023 to beef up the country’s cybersecurity capabilities.
The Ministry of Information and Communications Technology made the announcement on Thursday (18th February) in response to growing cybersecurity threats, according to local newswire Yonhap News Agency.
With this, the Ministry has also revealed several measures that the government will take to bolster its cybersecurity policies.
First, by working with major cloud and data center providers, South Korea aims to develop infrastructure that will quickly respond to cyber threats, such as collecting information about cyber attacks in real-time and notifying companies of such occurrences.
Next, the Ministry plans to expand the volume of cyber threat information that it collects to include data from major social networking platforms, virtual services from different sectors such as education and healthcare, and the dark web.
The Ministry said that it hopes to reduce the rate of cybersecurity violations experienced by local companies from 2 percent to 1.3 percent by 2023.