Spending in Taiwan on cybersecurity will reach over 31 billion dollars by 2026
Cybersecurity cannot exist alone, but requires government, private companies, and international partners’ collaboration, said the President of Taiwan Tsai Ing-wen, at the CYBERSEC2022 conference held last week in Taiwan for the 8th time in a row.
The conference attracted more than 10,000 visitors, and is considered the leading conference in Asia-Pacific. According to an IDC report, Taiwan cybersecurity spending will reach $894 million in 2022, and is expected to reach an annual growth rate of 18 percent until 2026, which will exceed more than $31 billion.
In the last three years, as part of this government policy, Taiwan has also been strengthening and accelerating the cooperation with the Israeli high-tech industry and integrated several cyber security companies into the local ecosystem through the IP² LaunchPad innovation program.
The program is operated by the Startup Terrace Innovation Center, which is supported by the Small and Medium Enterprises Administration, Ministry of Economic Affairs in Taiwan. The program is currently running its third cohort in Israel, with ten Israeli companies from the fields of healthcare, renewable energy, and cybersecurity sectors were selected to participate in the program.
Participation in the program gives Israeli companies an opportunity to have a local presence in Taiwan, which enables them to accelerate their business activities in the Far East markets. In this program, the Nucleon Cyber company, which develops a sensor infrastructure for the early detection of cyberattacks, presented at the CYBERSEC2022 conference through the program's local team.
In addition, last month Nucleon Cyber signed an MOU with CHT Security, a subsidiary of Chunghwa Telecom, the leading telecom in Taiwan and from the largest ICT providers in Taiwan.
The agreement was signed during an official visit by the Director General of the Small and Medium Enterprise Administration Ministry of Economic Affairs in Taiwan, Mr. Ho Chin-Tsang, who led a delegation of about 20 senior executives of the ecosystem in Taiwan.
Among the members of the delegation was the founder of Advantech, managers of one of the largest venture capital funds in Taiwan in the health sector CDIB, managers of the venture capital fund Taiwania Capital, the CEO of the electronics manufacturing giant Mighty Net, managers of research institutes in the fields of technology and biomedical.
In addition, with the managers of the company i2i, which founded and manages a technological ecosystem that supports and connects stakeholders in the field of innovation in Taiwan and manages the IP² innovation program.
"In the last three years, we have been able to strengthen the industry's connections between Taiwan and Israel and increase the cooperation scale in the fields of cybersecurity, digital health, renewable energy and G5,” said Rani Shifron, CEO of the Israeli consulting company Healthier Globe.
“Nearly 60 Israeli companies participated in the IP² programs to accelerate the pace to enter the Taiwanese market, more than 450 virtual and physical meetings were held and more than 30 cooperation agreements were signed. I believe in the ties and the joint growth will continue to happen based on the past experiences.”