$80-million investment will support cybersecurity research
In 2019, Canadian businesses spent an estimated $7 billion to detect and prevent cyber securities. That staggering amount only highlights the severity of a global problem. “If it were measured as a country, then cybercrime — which is predicted to inflict damages totalling $6 trillion USD globally in 2021 — would be the world’s third-largest economy after the U.S. and China.” Said Steve Morgan, Editor in Chief of Cyber Crime Magazine
In 2020, companies saw record amounts of cybercrimes designed to take advantage of the global pandemic. From fake COVID-19 vaccines to creating fictitious organizations accepting government funding, the need to spend big on cybercrime is warranted.
Today, François-Philippe Champagne, Minister of Innovation, Science announced an investment of $80 million into the creation of a Cyber Security Innovation Network program over four years.
“The program will fund the creation of a national network composed of multiple centres of expertise on cybersecurity that are affiliated with post-secondary institutions from across Canada, in collaboration with partners in the private sector, not-for-profits, provincial/territorial/municipal governments and other Canadian post-secondary institutions. The network will work with these partners to enhance research and development, increase commercialization, and develop skilled cybersecurity talent across Canada.” Said John Power A/Director of Communications for the Minister
“Strong cybersecurity expertise and innovations are key to protecting Canada’s data and intellectual property and to maintain the competitiveness of Canada’s businesses. Today’s announcement builds on the Digital Charter’s commitment to safeguarding Canadians’ digital privacy and security. It will also help maintain Canada’s role as a world leader in cybersecurity, creating well-paying jobs and economic growth.” – The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
Canada has elevated its role on the world stage in the last four years. It was Canada the world turned to for leadership at the start of the global pandemic, and now the country looks to take another leadership role with its Cybersecurity Innovation Network.