Seoul: The Ministry of SMEs and Startups announced on Monday that it will offer trade secret original certification services to applicants of its government-backed startup program, aiming to protect their business ideas after a significant data breach incident.
According to Yonhap News Agency, First Vice Minister Roh Yong-seok expressed his apologies for the breach, which affected 5,000 applicants who had progressed through the initial round of the "Startup for All" program, a startup incubation initiative launched earlier this year. The breach was discovered when an artificial intelligence solutions company participating in the program exploited a security vulnerability on the project's website, accessing applicants' email addresses, startup idea summaries, and judges' evaluation comments.
"We will mobilize all available measures to address concerns over the potential leakage of ideas submitted by the 5,000 applicants selected for the 'Startup for All' program," Roh stated during a briefing at the government complex in Seoul. He also mentioned that the government is set to conduct comprehensive external investigations and security inspections to aid those impacted and to prevent future incidents of a similar nature.
The trade secret original certification service acts as a legal safeguard, confirming the existence and ownership of confidential business information at a specific time, which is crucial in resolving any future disputes regarding the ownership of these ideas.
The "Startup for All" program had initially selected 5,000 candidates from approximately 63,000 applicants. Among these, 1,000 will progress to a multistage startup audition process. The competition will culminate with around 100 finalists vying in a nationwide startup competition to determine the winners, who stand to receive up to 1 billion won (US$654,500) in support.
Source: Yonhap News Agency