Latest news with #InternationalTransportForum2025
Korea Herald
23-05-2025
- Automotive
- Korea Herald
Autocrypt accelerates as car cyber threats drive global demand
S. Korean mobility security solutions provider secures over 20 global automakers as clients LEIPZIG, Germany — A growing number of vehicles are incorporating advanced software systems and connectivity features, making them vulnerable to cybersecurity threats such as privacy breaches, and even increasing the risk of auto theft. The global automotive industry has responded by beginning to mandate that such vehicles meet certain cybersecurity requirements. Autocrypt, a South Korean provider of mobility security solutions, is at the forefront of this initiative. 'In 2016, some hackers remotely hijacked a Cherokee SUV, so Jeep had to recall around 2 million cars. Similarly, China's Tencent showed how Tesla's Model S was susceptible to hacking. Data shows that these cyberattacks on cars are increasing significantly every year,' Lee Joo-hwa, senior vice president of Autocrypt Europe, told The Korea Herald on the sidelines of the International Transport Forum 2025 in Leipzig, Germany, on Thursday. 'In recent years, scandals such as the 'Kia Boyz Challenge' in the US underscore the importance of vehicles' need to strengthen their security firewalls,' added Lee. In 2022, this viral TikTok challenge mostly featured teenagers demonstrating how they could steal several Hyundai Motor Company and Kia models by exploiting a security flaw. Autopcrypt primarily offers technical consulting services for carmakers, guiding them on how to integrate cybersecurity technology into vehicle design and development, as well as solutions that block abnormal data intrusion and secure vital data like software certificates. Lee stressed that the company's clients — over 20 car manufacturers across the world, including Hyundai Motor Group, General Motors, Stellantis, BMW, Porsche, Volkswagen and Volvo — prefer solution packages that integrate Autocrypt's security technology into hardware such as semiconductors. According to Lee, the demand for these solutions is driven by a growing number of countries taking car hacking seriously. The European Union mandated that all new vehicles sold in the region comply with cybersecurity certifications from July 2024. South Korea and India plan to adopt similar standards from August this year and 2027, respectively. In contrast, the US lacks federal certification requirements to safeguard against external breaches, which likely contributed to the Hyundai and Kia theft incidents, Lee noted. In addition to preventing car hijacking, Lee highlighted the significance of the company's cybersecurity solutions in protecting driver safety in autonomous vehicles and preventing the breach of personal data. Autocrypt is also venturing into engineering services, offering security-related certification testing for governments. Last year, it became an official technical service provider for the Netherlands' vehicle authority, responsible for ensuring that vehicles comply with European cybersecurity standards. The company will expand its business portfolio to other mobility equipped with telecommunications devices and therefore vulnerable to cyberattacks, ranging from agricultural and construction machinery to military vehicles. According to Global Market Insights, a Delaware-based market tracker, the global automotive cybersecurity market is projected to grow to $17.7 billion by 2032 from $10.4 billion in 2023. Autocrypt plans to go public on Korea's tech-heavy Kosdaq within this year, offering 1.4 million shares. The price range is set between 18,700 and 22,000 won ($14-$16) per share, with market capitalization projected to reach up to 210.5 billion won. Founded in 2019 through a spin-off from Penta Security Systems, a Seoul-based encryption-based security company, Autocrypt is the country's first company specializing in mobility software security solutions.
Korea Herald
23-05-2025
- Automotive
- Korea Herald
[Herald Interview] Autocrypt accelerates as car cyber threats drive global demand
S. Korean mobility security solutions provider secures over 20 global automakers as clients LEIPZIG, Germany — A growing number of vehicles are incorporating advanced software systems and connectivity features, making them vulnerable to cybersecurity threats such as privacy breaches, and even increasing the risk of auto theft. The global automotive industry has responded by beginning to mandate that such vehicles meet certain cybersecurity requirements. Autocrypt, a South Korean provider of mobility security solutions, is at the forefront of this initiative. 'In 2016, some hackers remotely hijacked a Cherokee SUV, so Jeep had to recall around 2 million cars. Similarly, China's Tencent showed how Tesla's Model S was susceptible to hacking. Data shows that these cyberattacks on cars are increasing significantly every year,' Lee Joo-hwa, senior vice president of Autocrypt Europe, told The Korea Herald on the sidelines of the International Transport Forum 2025 in Leipzig, Germany, on Thursday. 'In recent years, scandals such as the 'Kia Boyz Challenge' in the US underscore the importance of vehicles' need to strengthen their security firewalls,' added Lee. In 2022, this viral TikTok challenge mostly featured teenagers demonstrating how they could steal several Hyundai Motor Company and Kia models by exploiting a security flaw. Autopcrypt primarily offers technical consulting services for carmakers, guiding them on how to integrate cybersecurity technology into vehicle design and development, as well as solutions that block abnormal data intrusion and secure vital data like software certificates. Lee stressed that the company's clients — over 20 car manufacturers across the world, including Hyundai Motor Group, General Motors, Stellantis, BMW, Porsche, Volkswagen and Volvo — prefer solution packages that integrate Autocrypt's security technology into hardware such as semiconductors. According to Lee, the demand for these solutions is driven by a growing number of countries taking car hacking seriously. The European Union mandated that all new vehicles sold in the region comply with cybersecurity certifications from July 2024. South Korea and India plan to adopt similar standards from August this year and 2027, respectively. In contrast, the US lacks federal certification requirements to safeguard against external breaches, which likely contributed to the Hyundai and Kia theft incidents, Lee noted. In addition to preventing car hijacking, Lee highlighted the significance of the company's cybersecurity solutions in protecting driver safety in autonomous vehicles and preventing the breach of personal data. Autocrypt is also venturing into engineering services, offering security-related certification testing for governments. Last year, it became an official technical service provider for the Netherlands' vehicle authority, responsible for ensuring that vehicles comply with European cybersecurity standards. The company will expand its business portfolio to other mobility equipped with telecommunications devices and therefore vulnerable to cyberattacks, ranging from agricultural and construction machinery to military vehicles. According to Global Market Insights, a Delaware-based market tracker, the global automotive cybersecurity market is projected to grow to $17.7 billion by 2032 from $10.4 billion in 2023. Autocrypt plans to go public on Korea's tech-heavy Kosdaq within this year, offering 1.4 million shares. The price range is set between 18,700 and 22,000 won ($14-$16) per share, with market capitalization projected to reach up to 210.5 billion won. Founded in 2019 through a spin-off from Penta Security Systems, a Seoul-based encryption-based security company, Autocrypt is the country's first company specializing in mobility software security solutions.
Korea Herald
22-05-2025
- Business
- Korea Herald
Korea pushes tech edge in $13.6b UAE rail bid over China
Transport minister cites Korea's strengths in tech transfer, timely delivery, while acknowledging China's pricing advantage LEIPZIG, Germany — South Korea's transport minister highlighted the country's edge over China in railroad technology in the lead-up to a major export bid with the United Arab Emirates. 'Except for price, Korea holds a competitive edge in the other two criteria — technology transfers to the UAE and completing the project on time,' Land, Infrastructure and Transport Minister Park Sang-woo told The Korea Herald on the sidelines of the International Transport Forum 2025 in Leipzig, Germany, Wednesday. 'Our strategy underscores not only quality but also sharing technology, which is our key strength. In contrast, China's competitive edge lies in price.' While acknowledging that price remains the most critical factor, Park emphasized Korea's strength in technology transfer. He noted that although Korea has its own railroad technology, it has adopted European standards, as requested by Abu Dhabi, to facilitate localization. Historically, the UAE's railroad market has been dominated by companies such as France's Alstom and Spanish firms like Talgo. Park pointed to Korea's proven track record in international rail deals. Reflecting on his state trip to Prague on May 7, he said, 'The Czech Prime Minister told reporters that Korea outpaced France in all three evaluation criteria.' Park had visited Prague with the industry minister in anticipation of signing an $18 billion nuclear plant deal, which was later temporarily suspended due to a preliminary injunction by a regional court at the request of France's EDF, the unsuccessful bidder. In February, a Korean consortium — comprising Korea National Railway, Korail, Hyundai Rotem, and Posco E&C — passed the prequalification process for the UAE high-speed rail project, officially entering the bidding competition. The $13.6 billion project aims to connect a 152-kilometer section between Abu Dhabi and Dubai, covering infrastructure such as roadbeds and train systems. Korea intends to bid for both categories, Park confirmed. 'Although the result of the bidding remains uncertain, I traveled to Abu Dhabi last month to engage with Etihad Rail, the UAE contractor. The discussions with the CEO and chairman of the board were very encouraging,' said Park. He also noted that winning the UAE bid, which uses European-standard railway systems, could boost Korea's credibility in other international markets, including Vietnam, which is planning a $67 billion North-South express rail project. The official bidding process for the Vietnamese project is expected to begin in July or August. Starting with Uzbekistan in 2024, Korea has achieved notable milestones in overseas railway contracts, with cumulative orders valued at approximately 2.5 trillion won ($1.8 billion). Notably, a consortium led by Hyundai Rotem — the railway and defense systems arm of Hyundai Motor Group — and the state-run Korea Railroad Corporation landed a record-breaking high-speed train deal with Morocco in February. Meanwhile, Minister Park also participated in a closed-door ministerial meeting at the ITF, where he shared Korea's insights on consumer subsidy policies for electric vehicles and hydrogen-powered railway systems as part of its future mobility initiatives.
Korea Herald
22-05-2025
- Business
- Korea Herald
Global transport leaders warn of rising risks from US tariffs at ITF 2025
Maritime transport accounts for 75% of trade, vulnerable to tariff wars: ITF chief LEIPZIG, Germany ― Global transport executives voiced concerns over escalating trade wars, particularly driven by tariff measures imposed by the US, and their impact on maritime transport at the International Transport Forum 2025's annual summit in Leipzig, Germany. 'The transport links that connect the world are under pressure and governments face enormous tasks to protect transport infrastructure against increasing disruptions,' said Kim Young-tae, secretary-general of the International Transport Forum, during a press conference at the Congress Center Leipzig on Wednesday. '(One of their challenges is the global industries') more connected, and therefore more vulnerable, supply chains. Maritime transport moves around 75 percent of global cargo, and these disruptions can have an immediate impact.' Kim highlighted the Red Sea crisis, which has effectively forced vessels to abandon their most efficient sea routes, leading to a surge in international freight rates. 'We know that we're passing through very difficult moments, including the tariff issues, geopolitical tensions and (ongoing challenges) since the COVID-19 pandemic in 2020,' Kim noted. 'I think that's why the platform like the ITF should play (a role as) a very efficient and productive gathering of different views from different actors from the world.' Kim urged many countries to join the ITF to enhance diversity and strengthen collaboration on key agendas, noting that out of the 69 member countries, 44 are from Europe. Claudia Stutz, state secretary of the Ministry of Transport of Germany, also expressed concerns on the ongoing trade dispute, saying, 'For Germany, our focus has shifted significantly due to the global crisis and geopolitical tensions. Economic security and supply (chain) and the protection of critical infrastructure have taken center stage. … Increasing the resilience of transport change is a key objective of German transport and infrastructure policy.' Germany, which primarily exports automobiles, pharmaceuticals, machinery and electrical equipment to the US, is among the European countries most affected by the tariff policies initiated by US President Donald Trump. According to the Leibniz Institute for Economic Research at the University of Munich, Germany is expected to incur losses of 290 billion euros ($329 billion) in the next four years due to the "reciprocal tariffs" from the US. Under Chile's presidency this year, the annual ITF summit has been running from Tuesday to Friday, drawing approximately 1,253 participants, including 57 ministerial-level delegations, along with representatives from international organizations and businesses. Founded in 2006, the ITF at the Organization for Economic Cooperation and Development is the largest annual gathering of transport ministers in Leipzig, serving as a platform to address global transport issues and policies. South Korea joined the European Conference of Ministers of Transport, the predecessor of the ITF, in 2000.
