Ontario Invests $5M in New Cybersecurity Innovation Initiative

To help Canadian Cyber Threat Exchange (CCTX) launch the new Ontario Cybersecurity Excellence Initiative, the Government of Ontario is investing $5 million in funding for Ontario businesses to develop and adopt cybersecurity technologies with the goal of enhancing data security and protecting from cyber threats and other advanced technologies.

With funding support from the Critical Technology Initiatives Program, CCTX’s initiative will provide training and support to small and medium-sized businesses (SMEs) and entrepreneurs in developing and adopting cybersecurity solutions.

“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. 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.”
– Vic Fedeli, Minister of Economic Development, Job Creation and Trade

About the Ontario Cybersecurity Excellence Initiative

In partnership with Rogers Cybersecure Catalyst, Toronto Metropolitan University’s national centre for training, innovation and collaboration in cybersecurity, the Canadian Cyber Threat Exchange (CCTX) will use the $5 million contribution to provide cybersecurity innovation support for technology businesses in the province.

There are more than 340 small and medium-sized businesses in Ontario engaged in cybersecurity, with notable clusters in Ottawa, Toronto, and Kitchener-Waterloo.

Ontario’s Critical Technology Initiatives funding has a total of $107 million to support programs led by not-for-profit organizations that work to accelerate critical technologies and enable the development and adoption of innovative made-in-Ontario solutions.

“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. 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.”
– Goldie Ghamari, Member of Provincial Parliament in Carleton

Government Grants and Loans for Cybersecurity Projects

As many Canadian businesses spend more of their budget to tackle cybersecurity solutions, it’s important to know which government grants and loans can support and offset the costs of projects that fight against cyber threats across the web.

One such program which is currently available is the Canada Digital Adoption Program (CDAP) which exists to support Canadian businesses specifically in digital solution adoptions to be able to remain competitive in this digital age. Eligible applicants can receive up to $15,000 in grant funding for digital investments.

“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.”
– Lisa MacLeod, Member of Provincial Parliament in Nepean

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