Conglomerates Rushing to Internet Security Mart

Korea Times (Seoul, Korea), May 22, 2000 | Go to article overview

Conglomerates Rushing to Internet Security Mart


Conglomerates are clamoring for a share in the fast-growing Internet security market as Web security emerges as a key business item.

Samsung, SK, CheilJedang and Shinsegae have set about developing their own online security solutions under the assumption that information security business will become a cash cow in the near future.

The Samsung Group set up its own online security firm with paid-in capital of six billion won in March.

The SK Group has also drawn a picture for the online security business, with SKC, a subsidiary of SK, planning to establish a solution provider in partnership with a U.S. outfit in July.

Last month, CJ Dreamsoft founded STG Security, an Internet security firm, as part of the plan by the CheilJedang Group for the fledgling area of high potentiality.

Apart from the expected revenues coming from security solutions, major conglomerates are scrambling to secure initiatives as part of the power struggle in the broad Internet market iself.

Conglomerates' active marketing, however, is posing a serious threat to small security solutions developers such as SecureSoft.

Small players are worried about the strong client network of conglomerates. In Korea, most conglomerates, or chaebol, are accustomed to kickstarting a certain business by forcing sister companies or affiliates to purchase products or solutions, a covert in-house transaction.

If the old business practice is applied to the security solution sales, it seems obvious the conglomerates will expand their market share instantly, while outstripping cash-strapped small players. …

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Conglomerates Rushing to Internet Security Mart
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