Singapore is about to set up its first-ever cyber-security start-up hub, with the funds to be provided for new inventions and innovations, as the nation struggles to find a role for itself in the advanced digital economy.
Dubbed Innovation Cybersecurity Ecosystem @Block 71 (ICE71), the hub is expected to open itself up to the cyber-security entrepreneurs next month.
It will be situated in a cluster of industrial buildings in the Ayer Rajah Crescent known commonly as the Block 71. This area is presently home to around 700 technology start-ups.
The aim is to hand-hold talented entrepreneurs to make sure that their business ideas are sound, and to ensure that they have the basic and essential financial and business knowledge to take their ideas to the next level.
The Infocomm Media Development Authority (IMDA) and Singapore’s Cyber Security Agency (CSA) are working in collaboration with Singtel and the National University of Singapore (NUS) to establish and launch ICE71.
CSA will also start a new funding scheme, separately to initiate developments that can fulfill national security needs, having a belief that innovation is the key to stay ahead of the cyber-criminals and hackers. The areas of focus will include: authentication, forensics, and cyber-security services.
The basic motive of this is to develop home-grown companies that have the ability to own a slice of the cyber-security market.
To prepare a workforce to serve this purpose, the IMDA will invest an additional amount of $145 million in the development of its tech skills and job placement initiative.
Dr. Yaacob added was of the view that as parliament has just appointed the Select Committee on Deliberate Online Falsehoods to investigate and examine this issue, it would be advisable to study the Select Committee’s recommendations before making any further moves.
Source: straitstimes
