The Government of Ontario and Rogers Communications have joined forces to invest $8.8 million in the Ontario Cybersecurity Excellence Initiative (OCEI) launch. This initiative aims to enhance cybersecurity competitiveness within the province and assist industries in adopting cybersecurity technologies.
Leading the efforts for OCEI will be the Canadian Cyber Threat Exchange (CCTX), a non-profit organization, and Toronto Metropolitan University's Rogers Cybersecure Catalyst. This investment from the Ontario government and Rogers along with contributions in kind amounts to a total funding of $10 million over a span of three years.
Established in 2019, The Catalyst is TMU's cybersecurity training, innovation and collaboration center. It offers certification programs and an accelerator program designed specifically for cybersecurity startups across Canada.
With OCEI in place, The Catalyst will introduce new programming streams at their center. Ultimately, this formed organization aims to drive the development of innovative security solutions originating from Ontario. Additionally, it will support medium-sized enterprises in integrating cybersecurity technologies into their products and processes.
The initiative emphasizes providing cybersecurity assistance to six identified sectors: advanced manufacturing, automotive industry, life sciences sector, mining industry, law enforcement agencies, and innovative infrastructure projects.
A Mastercard report revealed that Canadian businesses are expected to face an average cost of $5.64 million due to data breaches in 2022. Surprisingly, 39 percent of business leaders have taken the necessary steps to implement ongoing vulnerability assessment tools.
The Catalyst plans to launch the OCEI programs in 2024 to support companies and individuals. The best part? Participation will be free, giving them access to the security threat landscape through membership within the CCTX. An annual membership with the CCTX would cost $50,000.
CCTX, which was established in 2015, acts as a collaborative hub and organization dedicated to combating cyber threats. CCTX provides insights into cyber events directly impacting Canadian businesses by facilitating data exchange. They also offer mitigation options and tools for tackling identified threats.