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Three recipients land $4m cyber security funding

Three Australian cyber security projects have received nearly $4 million in funding from the federal government.

The Cyber Security Growth Centre, AustCyber, selected the recipients as the second allocation of matched funding under its project fund.

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The companies receiving the funding are as follows:

  • $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; and 
  • $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.

Cog chief executive Dr Daniel Potts said the intent of its project is to "benefit the entire IoT ecosystem by demonstrating how to build devices that are secure by design to ensure that the next generation of devices are trusted”.

“We have been working with some of the world’s most powerful organisations to make their connected devices as secure as possible. We’d like to pass those capabilities along to all IoT device makers so they can address the increasingly complex threats and attacks that continue to impact consumers and businesses globally,” Dr Potts said.

AustCyber CEO Michelle Price said, “Cog’s leading, innovative approach to securing IoT devices is one of Australia’s key ways of pursuing cyber resiliency in a highly connected world. AustCyber’s support for this project will help ensure Cog’s work achieves global scale across multiple use cases.”

With predictions that the industry growth of the global security market will be around the $250 billion mark, Minister for Industry, Science and Technology Karen Andrews highlighted the importance of capturing a significant share of the sector.

“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.”

Minister Andrews also announced at the Industry Growth Centres Showcase that the government is extending funding to all six growth centres for two more years.

“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,” she 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.

Three recipients land $4m cyber security funding
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