Cyber Security Investment Promised For SMEs

£4m Research And Development Funding Pledged For SME Innovation In Cyber Security

16.02.2015

Innovate UK, the government's technology strategy board, has pledged £4m of funding for companies that can deliver innovations in cyber security, providing 60% of the costs for projects run by SMEs.
 
Applications for the funding can be made between 23 March 2015 and 29 April 2015, with eligible projects typically lasting 1-2 years with a total budget between £150,000 and £750,000.
 
Innovate UK is looking to invest in ideas that will combat the mounting threat of "disruption to internet businesses and their digital supply chains" through fraud and data theft. Proposals must be "collaborative and business-led".
 
“We want to identify and fund industrial research that will strengthen the protection and resilience of such data, so businesses and the public can have confidence in the delivery of digitally enabled business products and services,” Innovate UK said.
 
The non-departmental public body reports to the Department for Business, Innovation and Skills and is part of a wider government push to improve cyber security, including the funds to tackle cybercrime and cyber terrorism in the UK defence industry's most recent £1.1bn spending package.

Expert Opinion
News of the availability of such funding is a welcome step forward that could benefit a number of small businesses. It also emphasises the huge value and importance placed on skills in areas such as IT and digital technology, meaning growing companies with such talents could stand to benefit significantly going forward.

"With so many organisations being reliant on their online platforms and services, it is important that steps forward are taken to ensure companies can better protect their assets and key data. We would also urge businesses to seek legal advice in order to ensure they are compliant with key regulations, as security breaches can have a major impact on both their finances and reputation."
Fergal Dowling, Partner