ZIENExtending Beyond Smart Homes to Smart Factories, Smart Cities, Connected Cars, and Digital Twins: The Expanding Reach of IoT Technology
Rapid Growth in the IoT Industry, Accompanied by a Sharp Rise in Hacking Risks - Highlighting the Need for Specialized Security Solutions
Achieving 10-Fold Revenue Growth Within One Year of Establishment with Proprietary IoT Security Vulnerability Inspection Solution and Firmware Encryption Solution
The Internet of Things (IoT), also known as the 'Internet of Everything,' is a technology that allows uniquely identifiable objects to share information over the internet. In recent years, IoT has evolved from a purely technical concept to an environmental one, demonstrating the potential for connecting all industries through the internet. This conceptual shift is encapsulated in the term 'hyperconnected society.'
The hyperconnected society, or the era of the Internet of Things, refers to a state where more objects or entities than humans are connected to the internet. From this perspective, the current level of IoT technology, largely implemented in smart homes, is merely the beginning. Future iterations of IoT aim for higher technological sophistication, enabling operations in smart buildings, smart factories, and ultimately aspiring to connect everything in smart cities.
However, a significant challenge lies in the realm of security vulnerabilities, which have not been adequately addressed despite technological advancements. In response, the government revised the 'Installation and Technical Standards for Intelligent Home Networks' in 2021, requiring construction companies receiving approval for housing construction projects to implement security measures for home network systems in apartment complexes starting from July last year.
Nevertheless, security incidents have already occurred even as these measures are being implemented. A notable example is the apartment intercom hacking incident that took place at the end of 2021. During this incident, hackers infiltrated the intercom systems of 638 apartment complexes nationwide, affecting approximately 400,000 households. The hackers were reported to have secretly filmed the interiors of each household through the hacked intercom cameras, causing widespread concern and alarm.
One technology garnering attention as a solution to these issues is the 'IoT Security Inspection Solution.' Developed by ZIEN, a company founded in June 2021, this solution not only defends against hacking attacks but also swiftly identifies vulnerabilities in IoT devices. What's particularly noteworthy is that this solution overcomes the limitations of existing automated assessment solutions, incorporating patented technology to rapidly and accurately identify vulnerabilities in executable files.
Furthermore, ZIEN is currently developing an 'IoT Firmware Encryption Solution' in addition to the 'IoT Security Vulnerability Assessment Solution.' This involves encrypting the firmware necessary for hackers to attack IoT devices, thereby enabling early defense against such attacks.
Youngmin Cho, CEO of ZIEN, emphasized the significance of these security measures during a meeting at Seoul Fintech Lab in Yeouido, stating, "We're entering a world where IoT is applied everywhere," underscoring the importance of addressing security challenges that ZIEN is actively tackling.
Escalating Risk of Hacking Amidst the Rapid Expansion of IoT Services
"In 2018, a massive Distributed Denial of Service (DDoS) attack known as Mirai Botnet occurred, causing over 1200 sites including Twitter, Netflix, and The New York Times to simultaneously crash. What's noteworthy about this incident is that unlike traditional DDoS attacks, which typically involve hijacking zombie PCs or servers, IoT devices were the perpetrators. The Mirai Botnet exploited vulnerabilities such as the use of default accounts and exposed remote control ports. Despite efforts to address these vulnerabilities, analysis reveals that many IoT devices still utilize default accounts and vulnerable remote control ports, posing significant security risks.”
Anticipating the potential threats posed by such vulnerabilities, ZIEN, a convergence security company specializing in IoT security research, is expanding its focus to encompass security measures for smart homes, mobility, smart factories, smart cities, and even virtual environments like the metaverse and digital twins. Their core business areas include the development of an 'IoT Security Vulnerability Automation Inspection Solution' and solutions to address security risks identified through inspections, such as the 'IoT Firmware Encryption Solution' and 'IoT Security Anomaly Detection Solution.' ZIEN's technical expertise has been validated by their victory in the Smart Home (IoT) Hacking Contest and the '2022 Cyber Security Challenge' hosted by the Ministry of Science and ICT. With sales increasing more than tenfold in their second year since inception, ZIEN is experiencing explosive demand for IoT security solutions. It's worth noting that ZIEN's journey in the business world is just beginning.
"CEO Youngmin Cho stated, 'Currently, we are focusing on conducting PoC (Proof of Concept) for our solutions and securing references. We are also researching and developing a lineup to expand into the market.' He mentioned plans for a seed investment round in the second half of the year and next year's global expansion, leveraging a stable revenue structure.”
The Potential of IoT Security: Insights from Experience in Global Consulting Firms
Youngmin Cho, majored in computer engineering, developed an interest in hacking defense technology from his undergraduate days, even founding a security club. He kicked off his career in security consulting at the global consulting firm EY, where he handled various international projects. It was during his tenure managing telecommunications security vulnerability assessments that he recognized the growth potential of IoT security.
"As I conducted security assessments on IoT devices widely adopted by telecom companies, my interest in IoT security grew significantly. Eventually, I pursued a master's degree in Convergence Security at Chung-Ang University, delving deeper into IoT security research. Leveraging this expertise, I began teaching a course on 'IoT Vulnerability Analysis and Security' at Multicampus from 2017. Through this experience, I became keenly aware of the evolving trends and demands for security solutions in the expanding field of IoT security. Recognizing the opportunities and potential in this growing sector, I began contemplating entrepreneurship."
The opportunity came sooner than expected. Around early 2021, Youngmin Cho and his friends, who met through a security club, developed a Minimum Viable Product (MVP) for an IoT security vulnerability automation solution. They applied for the "K-Startup Information Security Growth Company Program" and were unexpectedly selected. Subsequently, they swiftly proceeded to establish a corporation and embarked on their journey as co-founders of the company, ZIEN. Reflecting on those early days, CEO Cho remarked, "We started with little knowledge."
"As we began the business with a technical engineering background, we were essentially clueless about concepts such as business plans, investor relations, and corporate management. Transitioning from engineers to managers was the most challenging aspect in the early stages. However, being selected for acceleration programs like IBK Changgong and KDB NextOne provided us with relevant education and consulting, enabling us to cultivate the mindset and preparation required for entrepreneurship."
IoT Security: Just the Beginning
As a technology-based startup, ZIEN is devoting all its efforts to continuous technological advancement. Securing patents related to IoT security technology while formulating solution strategies for global market penetration are all part of the same goal. In this context, CEO Younmin Cho stated, "While the global IoT security market is experiencing rapid growth at an average annual rate of 22.1%, the scale of the domestic security market is only around 4% compared to the global market." He explained ongoing efforts to strengthen competitiveness.
"With continuously emerging technologies like AI, blockchain, and quantum cryptography, we are integrating these technologies with IoT security solutions. Currently, we are advancing the development of IoT security inspection solutions in collaboration with the Korea Internet & Security Agency (KISA) as a follow-up project following our victory in last year's Cyber Security Challenge. Additionally, we have completed the patent application for 'Method and Apparatus for Inspecting IoT Devices' and 'System and Method for Analyzing Software Vulnerabilities Installed in IoT Devices,' with GS certification expected to be completed next month. In the future, we aim to continue national research projects while establishing our own intellectual property to develop not only security software but also hardware solutions such as RISK-V based security chips."
Cho explained that the successful proof of concept (PoC) and references accumulated through domestic companies and institutions serve as stepping stones for global expansion. Furthermore, with the current patent registration for 'Method and Apparatus for Inspecting IoT Devices' already completed, the company has submitted a PCT application, allowing entry into domestic stages of countries where patent acquisition is desired. Building on this foundation, ZIEN plans to showcase its patented technologies at various global security conferences, demonstrating its technical prowess. Cho's perspective on future plans already seems to be aimed towards the global arena.
"Our goal is to create a safe and smart world for everyone, from smart homes to the upcoming smart city domain. To achieve this goal, I believe we need to establish a foundation that can persist in the endless competition of the global era. We are determined to become a leading company in the field of IoT security solutions recognized not only domestically but also globally."
Source : Tech42