Government of Canada announced next phase to strengthen Cyber Security Innovation Network
Source：financial post
From：Taiwan Trade Center, Toronto
Update Time：2022/05/02
As digital technology continues to become central to our way of life, trust will be a key factor in empowering Canadians and businesses to achieve their full innovative and economic potential. That's why the Government of Canada is committed to supporting the development of a strong national cyber security ecosystem.
The recent 2022 Federal Budget announced to provide $875.2 million over five years beginning in 2022-2023 and $238.2 million ongoing for additional cybersecurity measures. The main focus areas are Critical infrastructure protection; Privacy and privacy-enhancing technologies; Human-centric cybersecurity; Software security and Network security. This funding will help foster a strong national cyber security ecosystem in Canada and position the country as a global leader in cyber security.
Cybercrime rates continue to increase in Canada with both individuals and businesses being affected. During the first six months of the pandemic, a full 42 percent of Canadians experienced some type of cybersecurity incident, and 34 percent of them experienced phishing attacks. According to PwC’s 2021 Global CEO survey, 80 percent of Canadian CEOs say they’re concerned cybercrime will affect their growth prospects. Throughout 2021, IBM reported that in Canada, the average cost of a data breach was $5.4 million, compared to $4.5 million in 2020. To prevent, detect and recover from cybersecurity incidents, Canadian businesses reported spending $7 billion in 2019, Statistics Canada says.
The need to prioritize cyber security measures – for government, businesses, and individuals – is critical.
"Demands on the digital economy continue to rapidly grow, and cyber security is an ever-increasing concern for Canadians and Canadian businesses. That's why it is vital to support and invest in a strong, secure, and resilient Canadian cyber ecosystem. Through this investment, the Cyber Security Innovation Network will not only help drive Canada's prosperity, security and innovation but also help build a nation of cyber security trailblazers." – François-Philippe Champagne, Minister of Innovation, Science and Industry
It is essential for the government to enhance engagement with industry experts to develop a focused approach for industry/government collaboration and tech policy co-creation. With the right digital, data, and technology-driven policies in place that can support Canadian businesses and ensure they succeed in the new global economy.
Source: https://financialpost.com/globe-newswire/national-tech-industry-association-pleased-to-see-serious-investments-on-cyber-and-digital-government-in-federal-budget-2022