Govt dishes out $8.5m for cyber security realm

The Federal Government has earmarked $8.5 million in funding for the country’s cyber security sector in a bid to “grow and create new jobs,” according to Minister for Industry, Science and Technology Karen Andrews.

“This funding will assist the cyber security industry to upskill and expand the sector, and harness the enormous opportunities available to Australia,” Andrews said in a statement.

Announcing the opening of the second round of AustCyber’s Projects Fund, Andrews encouraged companies that can make a significant contribution to the sector to apply.

“Australia’s cyber security industry is continually growing and this funding will further boost our ability to become a global leader in the field, creating more Australian jobs while also making the nation more cyber resilient,” Andrews said.

“According to a report released by AustCyber last year, the global cyber security market is projected to be worth almost US$250 billion by the year 2026.

Matched funding for individual projects ranges from $100,000 to $3 million, totalling up to 50 per cent of eligible project costs.

AustCyber was established in 2017 as part of the Australian Government’s Growth Centres Initiative.

The Industry Growth Centres are part of the Coalition’s plan to drive innovation and productivity to grow the economy and create 1.25 million new jobs over the next five years.

Applications close on Friday 12 July. For more information on the AustCyber Projects Fund visit www.austcyber.com/grow/projects-fund