Victoria takes lead on cyber-security reforms

The Victorian government is racing to become a cyber-security hub under an incubator funding package that galvanises domestic and global partners.

The Victorian government is racing to become a cyber-security hub under an incubator funding package that galvanises domestic and global partners.

The Victorian government has finalised the first round of funding under its incubator LaunchVic program. This incorporates an AU$450,000 grant recently awarded to the global IT firm, Dimension Data.

Dimension Data is launching a cyber-security incubator with Deakin University. Funding comes from LaunchVic that was set up in November last year.

LauncVic has attracted AU$60 million over four years to invest in core infrastructure, and improve access to capital for local start-ups. It also advocates on Commonwealth legislation and regulation.

Globally, the cyber security sector is valued at US $71 billion a year – with Victoria focusing on building the state’s cyber-security capabilities, as well as expertise across industry and higher education.

Among recent alliances, the Victorian government has partnered with the US Department of Homeland Security. The administration also teamed with the Australia Israel Chamber of Commerce, and led a data and cyber security trade mission to Israel.

In the private sector, three of the four major banks as well as Telstra have based their cyber-security operations in Melbourne.

Earlier, the Minister for Small Business, Innovation and Trade, Philip Dalidakis, opened an Oceania Cyber Security Centre in Melbourne.

The centre houses a national cyber security hub for Data61, the digital research arm of the CSIRO. It is also hosts an international office for Oxford University’s world-class Global Cyber Security Capacity Centre.

This centre seeks to improve industry-university collaboration, while advancing the broadband expertise. The focus is to protect critical infrastructure, including utility assets, transport grids, as well as the health network.

Minister Dalidakis says cyber-security is critical to safeguarding the digital economy. “As society becomes more and more digital, this becomes a more important issue.”

Victoria has partnered with the Commonwealth on their ambitious cyber-security strategy, adds Dalikadis. The state is pooling expertise to grow the cyber-security industry. “Not only will it be a safeguard for our digital economy, but it will be a significant economic driver for the state.”  

 

 

Related Stories

China orders new clearing house for online payments

New regulations introduced by the People’s Bank of China will require banks and online payment... Read More
'The future of digital banking in Asia', Sandeep Lal, Head of Digital Bank, DBS Bank
It's an extraordinarily exciting time for the future of digital banking in Asia. Digitalisation is... Read More
NSW Govt inks $11.5M cybersecurity agreement with CSIRO
The three-year agreement, jointly funded by the Department of Industry and the Department of... Read More
In Sydney beats the heart of Australia’s thriving fintech industry – KPMG
According to the report, the number of Australian fintech firms has increased five-fold over the... Read More

Comments