Korea to spend US$718 million to strengthen information security

August 9, 2019

SEOUL - South Korea is to spend KRW 848.5 billion won (US$718 million) by 2022 to bolster information security, "strengthening the foundation of information protection".

"(The Government) will protect the core infrastructure of the Fourth Industrial Revolution era such as big data, artificial intelligence and the Internet of Things," President Moon Jae-in said in a speech to mark Korea's 8th Information Protection Day.

Moon said the Government would "inject KRW 848.5 billion related to information protection from this year till 2022, expand the information security market to the size of KRW 14 trillion and create 10,000 jobs".

 He stressed that information security, also referred to as infosec, was the key to the success of the Fourth Industrial Revolution and the sustainability of the data economy.

"The Republic of Korea should become a country that handles data the most safely, not just a country that best uses data," he said.

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