A handful of Australia’s most innovative cyber security companies have been awarded a funding boost by the government.
The three industry-led projects have been picked for almost $4m in funding by AustCyber – the Australian Government’s Industry Growth Centres Initiative.
The money will come from AustCyber’s ‘Project Fund’, a matching scheme created at the beginning of the year.
The three projects selected for the matched funding are:
- Forticode for a cryptographic-based technology ($1,285,240)
- Product verification project Laava ID for a Smart Fingerprint project ($1,594,400)
- IoT security company Cog with its secure-by-design techniques ($995,500)
“The growing demand for cyber security products and services is a significant economic opportunity for Australia,” said AustCyber’s CEO Michelle Price.
“A thriving and dynamic cyber security sector in Australia will create new jobs and revenue, but is equally important to enable the domestic and international success of other Australian industries.
“Supporting cyber resiliency across the Australian economy improves our nation’s overall global competitiveness as well as its security.”
Minister for Industry, Science and Technology Karen Andrews said such schemes will help strengthen the industry and create jobs.
“The Liberal-National Government is supporting our cyber security industry so it reaches its full potential,” she said.
“We know the importance of this rapidly growing sector, that’s why we’re providing funding to boost our economic growth and create more jobs for Australians.”
Cog Systems – which was earlier this year part of the Redback project that was recognised in the top ten solutions at global cyber conference RSA – will use the funding to help in IoT makers reduce vulnerabilities.
“We have been working with some of the world’s most powerful organisations to make their connected devices as secure as possible,” said Cog CEO, Dr. Daniel Potts
“We’d like to pass those capabilities along to all IoT device makers, so they can address the increasingly complex threats and attacks that continue to impact consumers and businesses globally.
“The broader intent of this project is to benefit the entire IoT ecosystem by demonstrating how to build devices that are secure by design to ensure that the next generation of devices are trusted.”