Province Makes Local Announcement On Cybersecurity Investment
Ontario Minister of Economic Development, Job Creation and Trade Vic Fideli was in Ottawa Monday, Aug. 28 to announce new cybersecurity measures that will bring new cybersecurity technologies to businesses across Canada and boost innovation.
The Ontario government is investing up to $5 million to help Canadian Cyber Threat Exchange (CCTX) launch the Ontario Cybersecurity Excellence Initiative that will help Ontario companies develop and adopt cybersecurity technologies that enhance data security and protect company assets from cyber threats and other advanced technologies. Developing and adopting critical technologies like cybersecurity will increase Ontario’s competitiveness around the world and create highly skilled jobs in the province’s growing tech sector.
The CCTX reports that 70 per cent of Canada’s small businesses have experienced a cyber attack, costing the businesses an average of $15,000 per incident.
“Ontario is one of the largest tech hubs in North America and critical technologies like cybersecurity fuel and drive made-in-Ontario innovation as companies include new technologies in their products,” said Fedeli. “Our government is proud to support CCTX’s work to help businesses across the province develop and adopt new-generation cybersecurity technology so they can become more competitive, grow and create more good-paying jobs.”
CCTX, a not-for-profit, cyber-threat sharing hub and collaboration centre, will receive up to $5 million through the province’s Critical Technology Initiatives program to launch the new Ontario Cybersecurity Excellence Initiative in partnership with Rogers Cybersecure Catalyst, Toronto Metropolitan University’s national centre for training, innovation and collaboration in cybersecurity. The initiative will provide training and support to entrepreneurs and small and medium-sized businesses developing and adopting cybersecurity solutions and will empower Ontario-based technology startups to solve key cybersecurity-related challenges.
Ottawa’s two Progressive Conservative MPPs, Goldie Ghamari (Carleton) and Lisa MacLeod (Nepean), both say the investment will help protect businesses across Ontario and Canada while growing the local tech sector
“This investment of $5 million to support the Canadian Cyber Threat Exchange will not only strengthen the local economy with the creation of highly-skilled jobs, but it will also position Ottawa and Ontario as global leaders in cybersecurity,” said Ghamari. “The Ontario government’s commitment to cybersecurity will be beneficial to all Canadians and their businesses while ensuring that Ontario’s entrepreneurs and innovators are rewarded for their efforts.”
“Cybersecurity is an integral aspect of Ontario’s technology sector, which is why I’m thrilled to support our government’s investment of $5 million towards the Canadian Cyber Threat Exchange, assisting Ontario companies develop cybersecurity technologies,” said Nepean MPP Lisa MacLeod. “As part of the 2023 Ontario Budget, Ontario is providing an additional $1 million per year for three years to Invest Ottawa to expand into a Regional Innovation Centre hub for Eastern Ontario. With one of the largest information and communications technology sectors in North America, Ontario is home to over 400,000 ICT workers, and we are proud to contribute to this growing sector.”
The province’s $107 million Critical Technology Initiatives funding supports programs led by not-for-profit organizations to accelerate the use of critical technologies by Ontario companies and enable the development and adoption of innovative made-in-Ontario solutions. Critical technologies, such as 5G, ethical artificial intelligence, blockchain, cybersecurity and robotics, will help Ontario companies increase productivity, open new revenue streams, create highly skilled jobs and enhance global competitiveness.
Ontario has one of the largest information and communications technology (ICT) sectors in North America and is home to over 400,000 ICT workers. Ontario’s technology sector is centred around the Toronto, Waterloo and Ottawa regions.
Ontario has more than 340 small and medium-sized businesses focused on cybersecurity with notable clusters in the Ottawa region, Toronto and Kitchener-Waterloo.
Cybersecurity is expected to contribute (US) $400 billion to the global economy by 2027.
As part of the 2023 Ontario Budget, Ontario is providing an additional $1 million per year for three years to Invest Ottawa to expand into a Regional Innovation Centre hub for Eastern Ontario and offer its extensive range of programs and services to help businesses launch, grow and succeed to the region.
