[Press Release] It's an honor to be nominated as the top 10 cybersecurity startups in Korea

Date 2022. 05. 02

Korean startups in the cybersecurity sector have been coming out with products and services for many years now. The demand now is higher than ever before and you can see this in the fact that South Korea has a major shortage of experienced cybersecurity professionals to fill open positions. The reason for the high demand is that globally, cybercrime is estimated to reach $10.5 trillion a year by 2025. However, with the advancement of AI, machine learning, a new breed of hackers, and the demand for remote work due to COVID-19, cybersecurity startups in Korea have been attracting a lot of funding to develop products or services to secure applications for remote workers and product users data as it travels from the cloud to IoT devices.

The cybersecurity sector is growing in Korea due to the constant digital transformation, regulatory compliance, increased security threats, and the need for faster more efficient response capabilities. Many investors in Korea see cybersecurity investments as a safe investment as the startups are solving security challenges that are not going away anytime soon. Here are the top 10 cybersecurity startups in Korea to watch for in 2022.

The rankings were comprised by the Seoulz staff and are based on 4 factors:

1) Funding

2) Market Opportunity

3) The innovation of service or product

4) Growth Potential/Scalability

Top 10 Korean Cybersecurity Startups in 2022

1. SsenStone

Korean Fintech startup SsenStone is a digital security startup that offers a safer way for online credit card use. It produces a one-time credit card number that changes every time a new transaction is made.  The technology is called Virtual One Time Code (VOTC). VOTC creates a virtual number that cannot be duplicated for more than 1 million uses. In addition, the number recognizes the cardholder every time without any network connection. While there has been a lot of security improvement when it comes to offline card transactions, there are been few in the online space. More than 70% of credit card fraud cases come from online/eCommerce transactions.

2. Spiceware

Korean cybersecurity startups – Spicware is a cloud-native privacy protection service for businesses seeking cloud data security. It offers a comprehensive PII (Personally Identifiable Information) Lifecycle Platform. PII can mean many things such as a name, phone number, address, and even your voice/fingerprint. Spiceware allows businesses to manage PII in accordance with privacy protection regulations and guidelines guaranteeing users their “right to be forgotten”.

Their comprehensive automated cloud-native PII protection service offers not only CDE (Collection, Detection, and Encryption) but also real-time Management of PII access logs. It is a cost-effective and convenient cloud security protection service in the category of Privacy-Preserving in Analytics that integrates seamlessly into all cloud databases without code modifications by using its patented technology. In addition, Spiceware is an official network technology partner of AWS.

3. TEEware

TEEware is a startup founded by the Information Security Lab at KAIST. They provide cutting-edge data encryption and key management solutions. They use the latest technologies such as TEE (Trusted Execution Environment). Therefore their solutions deliver a high level of security, scalability, availability, and ease of use to address security and operational requirements for various applications in areas such as the Cloud, Blockchain, IoT, Fintech, and more.

Their latest product is a large-scale Key Management solution in a cloud environment called KangaLock vHSM. TEEware was able to redesign the traditional HSM from the ground up to overcome its limitations to support new requirements emerging in the era of cloud computing.

4. Cloudbric

Cybersecurity startups in Korea- Cloudbric is a cybersecurity startup that offers web security, mobile security, remote access, and blockchain solutions. Users are given 24-hour security management with real-time notifications and responses to incoming threats at an affordable price. In addition, users can use the data received in attacks to get personalized security recommendations. Furthermore, the Cloudbric Console is easy to use and offers real-time insights and customizable settings based on your security needs.

Cloudbric has partnered with Microsoft Azure, AWS, and many more businesses. Moreover, Cloudbric offers security services to over 10,000 organizations in over 25 countries.

5. S2W

Korean cybersecurity startups – S2W provides data analysis of the Dark Web of bad actors that are active in regards to accessing and purchasing information regarding credit cards, passport numbers, passwords, and other details across the web. S2W specializes in cybersecurity data focused on responding to and detecting new cyber threats such as ransomware. They have major customers in fields such as finance, telecommunications, manufacturing, and E-commerce. Moreover, they are supplying technology cooperation and data to smart security big data platforms and INTERPOL (The International Criminal Police Organization).

S2W is able to access a vast amount of data related to the Dark Web with machine learning technology. Their team consists of network researchers from KAIST (Korea’s Advanced Institute of Science and Technology). They have raised over $10 million for their Series B funding. LB Investment, KDB Development Bank, Magellan Technology Investment, YG Investment, Mirae Asset Venture Investment, Lotte Ventures, and DS Asset Management participated in the round. S2W also established its subsidiary S2W US in early 2022.

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