South Korea plans to spend big on expanding the local information security industry as part of efforts to beef up capability against potential cyber crimes, the government said Wednesday.

The plan comes amid corporate reluctance to make big investments in boosting their online security, though the country has suffered a slew of hackings into banks and other agencies, as well as leaks of personal information, in recent years.

In a report to a meeting of economy-related ministers, the Ministry of Science, ICT and Future Planning said it will invest

810 billion won ($748 million) this year to spur businesses here to reinforce their network security systems for better protection of online information.

The government will give incentives to companies that increase spending on their network security systems, while helping security service providers sell their products for a better value.

Backed by such measures, the domestic market for information protection is expected to reach 15 trillion won by 2019, or double the current size, the ministry said.

The lack of corporate awareness about the importance of information protection has led to a shortage of IT experts, as people avoid working as online security technicians due to low pay despite their high qualifications, it said.

To improve the situation, the ministry said it will increase the number of colleges specialized in information technology so that the gifted in the field can study without taking a national college entrance exam.

The government will also set up a hotline between ICT-related government officials and chief executives in charge of information and security at major companies for more swift communication in case of a cyber threat, it added.
By doing so, the nation's ICT security market will likely see its exports grow to 6 trillion won by 2019 from the current 1.5 trillion won, with 19,000 new jobs possibly. (Yonhap)