The Korea Export-Import Bank is launching support for domestic shipbuilding and defense contractors to obtain cybersecurity certifications necessary for entering the U.S. market. On June 28, the bank announced it will assist small and medium-sized enterprises in acquiring the Cybersecurity Maturity Model Certification (CMMC), which is required for companies handling federal contract information or controlled unclassified information during the U.S. Department of Defense contracting process.
This initiative comes as more domestic shipbuilding and defense companies seek to participate in the U.S. shipbuilding and naval projects. Companies integrated into the U.S. defense supply chain will likely need to meet CMMC requirements if they handle sensitive information during contract execution.
The Export-Import Bank will cover 70% of the costs associated with obtaining the certification for small and medium-sized enterprises, while major shipbuilders will share their expertise gained during the certification process.
CMMC is not merely a paperwork review or a one-time certification; it requires comprehensive measures, including the establishment of information protection policies and procedures, as well as the implementation of security controls. There are concerns that the complexity of the process and the associated costs may hinder small and medium-sized enterprises from effectively responding on their own.
The Export-Import Bank plans to expand its existing “win-win package consulting” model, which has been aimed at enhancing the competitiveness of suppliers within large corporate supply chains, to the defense sector. Currently, discussions are underway to establish a cooperative framework with major shipbuilders such as HD Hyundai Heavy Industries and Hanwha Ocean, with plans to finalize operational details and commence support soon.
An official from the Export-Import Bank stated, “As U.S.-Korea cooperation in shipbuilding and defense expands and opportunities for participation in U.S. naval projects increase, the global market entry of K-defense is accelerating. We will serve as a strong bridge to ensure that our small and medium-sized enterprises can smoothly enter the U.S. market without being hindered by regulatory barriers.”
* This article has been translated by AI.
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