Ottawa to invest more than $600 million in cybersecurity strategy

The federal government is investing $507.7 million over the next five years and $108.8 million each year thereafter in a new national cybersecurity strategy to help protect Canadians and their sensitive personal information.

Announced in Tuesday’s 2018 federal budget, the government says the strategy will benefit Canadian businesses by creating a trusted go-to-source for cybersecurity information, guiding small to medium-sized enterprises and providing them with resources to stay safe.

Related: Cybercrime costs global economy nearly US$600 billion: Report

The funds will be divided into three areas: the creation of a new Canadian Centre for Cybersecurity and a National Cybercrime Co-ordination Unit, and further support of the National Cybersecurity Strategy. There are also plans to introduce legislation allowing various government cybersecurity functions to work out of the new centre, reports Investment Executive.

The government says one of the strategy’s goals is to enhance its ability to investigate cybercrimes, develop threat assessments, protect critical infrastructure and help the financial and energy sectors boost their own cybersecurity. It also aims to create a voluntary cyber-certification program to support work-integrated cyber learning placements for students.

To read the full story, visit our sister publication Investment Executive.

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