In today’s modern world, businesses operate in an increasingly data rich society where information is more accessible and shared than ever before. As a result, the need for this information to be protected from misappropriation is vital. Cybersecurity has become an integral component of business and a proactive approach is necessary to keep on top of emerging threats. Moreover, cybersecurity is part of the backbone of any innovation in digital technologies and as digital technologies become more ubiquitous, the need for investment in cybersecurity becomes increasingly more important.
In Quarter 3, 2022, the Malta Information Technology Agency (MITA) conducted a research study in the form of an online survey to gain a better understanding of the Maltese business community’s overall maturity of cybersecurity and their funding needs. The study identified that 48% of respondents do not have a dedicated cybersecurity function. Of those respondents, 71% said they have no budget available for cybersecurity related measures, a further 22% have a budget of less than €10,000, and only 7% have a budget ranging from €10,000 to €50,000. The study’s findings clearly underline the lack of cybersecurity investment among local SMEs, with a lack of financing options being the main challenge among respondents without a cybersecurity function.
Within this context, the National Cybersecurity Coordination Centre for Malta (NCC-MT), under the auspices of MITA, launched the SME Cybersecurity Grant Scheme CYBER+ALT ‘Agħżel Li Tipproteġi’. This scheme seeks to address the need to support SMEs in financing projects related to cybersecurity. A total budget of €2m is available, co-funded by the European Union under the Digital Europe Programme whereby €1m are EU funds and €1m are National funds. The scheme will remain open until December 29, 2023, or an earlier date depending on absorption of funds. The scheme shall be managed on a demand driven basis. The NCC-MT shall issue four public open calls (open rolling-calls) for interested eligible undertakings to submit their applications, cut-off dates being July 20, 2023, September 14, 2023, November 9, 2023, and December 29, 2023. Grants shall be awarded on a first come first served basis, subject to budget availability.
The aid intensity applied is 80% whereby the maximum grant that an SME can benefit from is €60,000. The investment project proposal must include a comprehensive budget breakdown that in total amounts to at least €20,000 to be eligible for funding. Eligible projects will receive a pre-financing aid of 20% and the remaining 80% will be reimbursed upon full completion of project. Implementation of projects should be completed by not later than September 30, 2024.
This means that the investment should result in the SME advancing the status of its existing cybersecurity capacity through the implementation of new solutions that must be focused on at least one of the five investment areas: vulnerability management, identity and access management, end-to-end data protection, threat detection and response, and enhanced cloud-based platform security. For each, eligible costs include cybersecurity solutions; hardware; subscriptions, licence fees and managed services; staff training; and implementation.
Information on the scheme is available at www.ncc-mita.gov.mt/. Applications can only be submitted online through the dedicated NCC Funding Application Portal accessible from www.nccfunding.gov.mt. An information session specifically on this scheme will be held on Friday, July 7, 2023, which will allow interested applicants to follow a thorough explanation of the scheme, as well as ask questions. The NCC-MT is collaborating with Servizzi Ewropej f’Malta (SEM) in this respect and any queries are to be addressed to info.sem@gov.mt.
This article is co-funded by the European Union