Cyber Ireland welcomes the Governments measures and Minister McGrath’s strong support for Ireland’s cyber security and the technology sector in Budget 2024. The significant investment in cyber security, defence and industry supports will contribute to the growth of Ireland’s cyber security sector and our national cyber resilience.
Cyber Ireland is the national cyber security cluster organisation bringing together industry, academia and government to represent the needs of the cyber security sector in Ireland and support its growth. The cluster is the collective voice for the cyber security sector with 160 members nationwide including 90 Irish start-ups and SMEs, 50 MNCs and 15 higher education institutes and training providers.
The importance of digital technologies and cyber security for Ireland’s citizens and economy was highlighted by Minister for Public Expenditure and Reform Paschal Donohoe in the Dáil on October 10th1.
“Of course, as our dependence on digital networks increases so too does the risk of disruption to them. The government is determined to protect Irish citizens and their data as well as digital infrastructure and services.”
“To achieve this, Budget 2024 provides for the continued expansion of the National Cyber Security Centre, to strengthen cyber security and build resilience, address the cyber skills gap and develop the cyber security industry in Ireland.”
This includes an €10.7 million investment in the National Cyber Security Centre (NCSC) in 2024.
Furthermore, the importance of cyber security for our national security and defence, with the €1.23 billion for Defence includes funding for 400 additional Defence Forces personnel and posts in important roles such as cyber responders and analyst-capacity.
Supports for industry, start-ups and investors include:
- The increase in the R&D tax credit rate from 25% to 30%;
- Doubling of the amount reimbursed in year one under the R&D Tax Credit scheme from€25,000 to €50,000;
- Reduced Capital Gains Tax (16% for individuals or 18% through Partnerships) for investors who invest in innovative start-ups and SMEs;
- Doubling of the investment ceiling to €500,000 for investments held for 4 years underthe Employment Investment Incentive Scheme;
Eoin Byrne, Cluster Manager at Cyber Ireland, said “We are pleased to see the continued investment in Ireland’s National Cyber Security Centre in Budget 2024, as well as the supports for the Defence Forces and industry. This demonstrates at government and political level a commitment to ensure Ireland has a strong, resilient digital government and economy, is a secure place for business, and allows our citizens to benefit from digital technologies fully and safely.
Reference: https://www.gov.ie/en/organisation/department-of-finance/