Asia Foundation, Google launch US $ 15mn cybersecurity fund to support 13,000 MSMEs

By Nuzla Rizkiya

The Asia Foundation, in collaboration with Google Corporation, launched a US $ 15 million fund this week, to support the cybersecurity resilience of 13,000 micro, small and medium enterprises (MSMEs) across Sri Lanka.

The new fund from Google.org, the philanthropic arm of Google, is part of a broader initiative in the Asia-Pacific (APAC) region to uplift 300,000 nonprofits, MSMEs and social enterprises across 12 countries, including Bangladesh, India, Indonesia and Vietnam.

“In Sri Lanka, the project aims to educate and equip 13,000 MSMEs with the necessary skills to navigate cybersecurity threats. This will be achieved through training sessions planned across all nine provinces,” the Asia Foundation stated in a media release.

In addition to the training for the MSMEs, the project will also support the establishment of two cybersecurity clinics at the Sri Lanka Institute of Information Technology and Uva Wellassa University. Under the programme, the undergraduates at these two institutions will receive specialised training to assist businesses facing cybersecurity challenges. “A significant threat for smaller enterprises in the country is phishing, where the users are redirected by malicious emails and links to fake web pages, aimed at collecting their sensitive personal information, leading to data breaches. Among the most common cyber scams that Sri Lankans face is the impersonation of delivery services intended to extract fees from users.” Sri Lanka is currently ranked 83rd out of 176 countries in the National Cyber Security Index, reflecting the nation’s vulnerability to cyber threats. The country also experiences higher-than-average cyberattacks, particularly targeting its telecommunications and internet service provider sectors, according to Imperva.

Although Sri Lanka passed the Online Safety Act in January earlier this year, the anticipated Cyber Security Act still remains in limbo since discussions began in 2018.

“These pressing issues require a concerted and continued effort to strengthen cybersecurity frameworks and regulatory mechanisms. Through the government’s various efforts and regional initiatives such as the APAC Cybersecurity Fund, the country’s cybersecurity ecosystem will be strengthened to navigate the internet safely and confidently,” the Asia Foundation stated.