Three cyber security projects promoting international competitiveness and strengthening Australia’s cyber resilience will receive nearly $4 million in funding under the Liberal-National Government.

The Cyber Security Growth Centre, AustCyber, selected the three recipients as the second allocation of matched funding under its Project Fund.

Minister for Industry, Science and Technology Karen Andrews said Australia’s cyber security sector had the potential to capture a significant share of the global market, creating more Australian jobs.

“The Liberal-National Government is supporting our cyber security industry so it reaches its full potential,” Minister Andrews said.

“Grants from the Industry Growth Centres Initiative will support these projects through to commercialisation.

“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.”

A report recently released by AustCyber and CSIRO Futures found that by 2026, the industry growth opportunity of the global cyber security market is expected to be worth US$250 billion.

The funding recipients are:

• $1,594,400 to Sydney-based Laava ID for a Smart Fingerprint project that enables people to identify and verify the quality of the products they buy through their smartphone, as well as a wide range of other uses.
• $1,285,450 to Melbourne company Forticode to create a highly scalable cryptographic-based technology that will allow for the independent authentication of personal data stored and managed on mobile devices. 
• $995,500 to Sydney-based Cog Systems for a project that improves cyber security methods and techniques for Internet of Things device makers. The project includes convenient software to incorporate secure-by-design techniques into hardware platforms.

Speaking at the Industry Growth Centres Showcase today, Minister Andrews announced the Liberal-National Government is extending funding to all six Growth Centres for a further two years.

The $60 million conditional investment was announced in the 2018-19 Budget and is made up of up to $5 million per year for each Growth Centre.

“This shows we are committed to this initiative – it is clearly proving to be instrumental in building the global competitiveness, exports, and workforces of the six sector industries, with spill-over opportunities and benefits for many more,” Minister Andrews said.

“The Centres have already helped over 150 Australian businesses secure contracts and grow export sales, and play a crucial role in supporting the delivery of the Liberal-National Government’s other key industry development programs.

“The Coalition is investing in great Australian ideas to grow existing businesses, as well as creating new ones, because growing these businesses will create more local jobs.”

Media contact: Minister Andrews' office 02 6277 7070