The New South Wales (NSW) Minister for Trade and Industry, Mr Niall Blair, announced a cybersecurity exchange with India. It is supported by the Government as part of a US $1.58 million partnership to develop NSW’s technology sector.
Mr Niall Blair said that the aim is to connect NSW entrepreneurs with the tech market in India, learn new skills and forge commercial partnerships in areas where NSW and India share challenges and mutual opportunities exist.
Under the initiative, the Macquarie University and Optus with the NWS Government will provide ten NSW cyber start-ups businesses with development opportunities, including workshops, summits and meetings with potential partners in India.
To participate, applicants will be evaluated on several criteria, such as maturity, fit with the Indian market and overall strategy, by a panel of cybersecurity experts and entrepreneurs.
According to the NSW Department of Industry, the ten shortlisted start-ups will receive an intensive program of workshops and seminars at the Optus Macquarie Cyber Security Hub and mentoring from leading cyber security experts.
The start-ups will travel and be provided accommodation for a 12-day trip to India. Here, they will meet and learn from India-based technology company founders and entrepreneurs as well as meet potential clients. The start-up companies will attend the Bangalore-based India Innovation Summit 2019.
Additionally, the companies will get to stay two days in Singapore at the ICE71 ‘Innovation Cybersecurity Ecosystem at Block71’ cybersecurity start-up hub.
The companies will be mentored through product development, market entry and the international expansion process, while successful applicants will also receive substantially subsidised market travel over a period of 12 months.
The NSW Department of Industry said India is one of the world’s most dynamic and fast-developing technology markets and an important trading partner for New South Wales.
Building links between the tech ecosystems in NSW and India will help grow and strengthen business partnerships, contribute to economic growth, skills development and job creation. Of particular focus are sectors such as agriculture, cyber security, health, education and financial services.
The Department said, to facilitate creation of these links, the NSW Government is working with its partners in India to deliver a series of NSW–India technology programs.
According to the Macquarie University, one-third of Australian businesses have experienced cybercrime, resulting in business disruption, loss of information and revenue, as well as damage to reputation and even equipment.
The frequency and cost of cyber breaches is increasing rapidly in line with the growing number and sophistication of cyber-attacks. Each year, cybercrime costs Australia more than US $1 billion.
The Optus Business Managing Director, Mr John Paitaridis said that the initiative focuses on two critically important issues in the economy — cybersecurity and support for start-up organisations.
He said cybercrime doesn’t have borders, and cyber start-ups that leverage learnings from India’s high-growth market can support innovation in NSW and the development of solutions that will help the state address cybersecurity concerns for Australian enterprises and government.