Verizon Business and SK Shieldus team up to bolster cybersecurity offerings

Rhea-AI Summary

Verizon Business (NYSE, Nasdaq: VZ) and SK Shieldus have announced a strategic collaboration to deliver cybersecurity solutions to South Korean and Asian enterprises operating globally. This partnership combines Verizon's global reach with SK Shieldus' local expertise to provide comprehensive protection for Asian businesses. The collaboration will focus on real-time threat intelligence, vulnerability assessment, incident response, and managed security services.

Verizon Business, which works with 99% of Fortune 500 companies, operates nine Security Operations Centers and six forensics labs. It monitors 61 billion security events annually and conducted over 500 IT investigations in 2023. SK Shieldus, South Korea's largest security services provider, offers a wide range of physical and cybersecurity services to over 1,800 customers across various sectors.

This partnership aims to strengthen cybersecurity capabilities for customers in the Korean market and expand services to clients in Asia and globally.

Positive

• Strategic collaboration between Verizon Business and SK Shieldus to expand cybersecurity offerings
• Potential for increased market share in South Korean and Asian enterprise cybersecurity market
• Combination of Verizon's global reach and SK Shieldus' local expertise
• Access to Verizon's extensive security infrastructure and SK Shieldus' comprehensive service portfolio

Negative

• None.

Insights

Cybersecurity Expert

This partnership between Verizon Business and SK Shieldus represents a significant move in the global cybersecurity landscape. By combining Verizon's extensive global network and SK Shieldus' strong presence in South Korea, they're creating a formidable alliance to address the growing cybersecurity needs of Asian enterprises expanding globally.

The collaboration leverages Verizon's impressive capabilities, including monitoring 61 billion security events annually and a team of over 400 security experts. SK Shieldus brings its comprehensive suite of security services and deep understanding of the Asian market. This synergy could potentially lead to more robust, tailored cybersecurity solutions for businesses in the region.

However, the impact on Verizon's bottom line may be in the short term. While this partnership opens doors to new markets, it's unlikely to significantly affect Verizon's $134 billion revenue immediately. Long-term prospects look more promising as cybersecurity demands continue to grow globally, potentially providing a steady stream of new business opportunities for Verizon in the Asian market.

SEOUL, South Korea, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Verizon Business and SK Shieldus have agreed to collaborate to deliver cybersecurity solutions to South Korean and Asian enterprises operating on a global scale. This strategic relationship will leverage Verizon Business' extensive global reach and SK Shieldus' deep-rooted expertise to provide comprehensive, world-class protection addressing the unique needs of Asian businesses.

By combining their strengths in real-time threat intelligence, vulnerability assessment, incident response, and managed security services, Verizon Business and SK Shieldus aim to empower enterprises to confidently navigate the complex global threat landscape, safeguarding their operations and assets worldwide.

Verizon Business works with 99% of Fortune 500 companies and governments worldwide and offers a suite of management and data security services. The company operates nine Security Operations Centers, six forensics labs and one of the largest IP networks in the world, monitoring 61 billion security events annually. In addition, Verizon’s investigative response team boasts more than 400 security experts and conducted 500+ IT investigations in 2023.

“South Korea boasts one of the largest and most advanced economies in the world, and SK Shieldus has developed world-class cyber security capabilities in this market. We’re pleased to be working with them to enable businesses to further navigate the complexities of the digital landscape with confidence and resilience," said Robert Le Busque, Regional Vice President for Asia Pacific at Verizon Business Group.

Headquartered in South Korea, SK Shieldus is South Korea’s largest security services provider with a comprehensive suite of offerings, including physical security, security monitoring, consulting, system integration, solution supply, and operations.

SK Shieldus was formed in 2021 following the merger of SK Infosec and ADT Caps.

As a result, this integrated security provider, with physical and cybersecurity capabilities, has positioned itself as an industry leader by offering comprehensive security services. These services include security monitoring, consulting, system integration (SI), security solution supply, and security operations. With a customer base of over 1,800 across public, financial, and corporate sectors, including affiliates of the SK Group.

SK Shieldus Chief Executive Officer, Dr. W.P. Hong stated that 'Verizon is one of the world’s biggest technology providers with strong cyber capabilities. With the synergies and our capabilities in the Korea market, we will further strengthen cyber security capabilities for our customers in the market. As No.1 cyber security provider in Korea, we will utilise this collaboration to service our clients in Asia and globally.'

To learn more about Verizon Business’ cybersecurity portfolio, visit https://www.verizon.com/business/en-sg/products/security/.

Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $134.0 billion in 2023. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores.

VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at verizon.com/news. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

Media contacts:
	Verizon Business
	Nilesh Pritam
	nilesh.pritam@sg.verizon.com
	SK Shieldus
	Jay Choi
	jchoi@sk.com

FAQ

What is the purpose of Verizon Business and SK Shieldus' collaboration announced on September 24, 2024?

The collaboration aims to deliver cybersecurity solutions to South Korean and Asian enterprises operating on a global scale, combining Verizon's global reach with SK Shieldus' local expertise.

How many Security Operations Centers does Verizon Business (VZ) operate?

Verizon Business operates nine Security Operations Centers and six forensics labs, monitoring 61 billion security events annually.

How many customers does SK Shieldus serve in South Korea?

SK Shieldus serves over 1,800 customers across public, financial, and corporate sectors in South Korea, including affiliates of the SK Group.

What types of cybersecurity services will Verizon Business (VZ) and SK Shieldus offer through this partnership?

The partnership will focus on real-time threat intelligence, vulnerability assessment, incident response, and managed security services.