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Convergence Security Industry, a Safety Net in the Era of Internet of Thing

Author Hwang Won-Sik, Kim Seung- Min Date 2014.04.15 Issue No 586

Convergence security industry is emerging as a promising future industry in accordance with the IT convergence and the expansion of Internet of Thing.


  As hacking having remained within the cyber space, is now spreading into the devices related to our daily living, various scenarios of the damages caused by hacking might be materialized.     


Convergence security industry is referred to as any product and service created by applying security technology to IT convergence industry.


As a security function is being embedded into various industrial sectors   in accordance with the recent trend of convergence between IT and heterogeneous industries, demand for convergence security is expected to grow significantly.        


As the convergence security industry is in its early stage while its demand is gradually increasing in the emerging market, there is a growing room for a new business opportunity to be created in this sector. 


As the damage occurring in the cyberspace is expanded to the physical world, the amount of its economic damage is expected to rise substantially in the future. 


The amount of damage related to domestic convergence security is expected to reach 13.4 trillion won by 2015, and is anticipated to rise to 17. 7 trillion won and 26.7 trillion won by 2020 and 2030, respectively. Even considering the consequent decline in sovereign credit rating, and any secondary damage, the amount of damage is expected to increase.


The convergence security-related damage occurred in a specific industry could spill over into various industries and service sector having a linkage with the industry. 


In order to promote convergence security and create an industrial ecosystem for the industry, it is required to establish a general governance   system and provide a constant support at a governmental level.      


It is necessary for Korea to prepare a channel to strengthen the linkage among security, IT and existing leading industries based on the infrastructure of domestic IT industry, and aggressively participate in the establishment of the relevant international standard.


It is urgent to set up a general institution for the prevention of any convergence security-related incident and post-incident response as well as complement relevant acts and stipulations.