New accelerator will finance up to $15 million in Russian cyber security startups.
Russian cyber security startups now have a dedicated accelerator with up to 1 billion rubles (around $15 million at the current exchange rate) potentially invested over the next two years. The effort is backed by Rostec, a major Russian state-owned tech corporation, and Internet Initiatives Development Fund, a $200 million government initiative).The selection process and the acceleration program will also be supported by experts from the Ministry of Telecom and Mass Communications. The global market for cyber security solutions is expected to be worth a $9.9 billion in 2017. In 2016, more than 60% of the world’s most renowned brands will face problems tied to data leaks, and are expected to double their cyber security budgets, according to Business Insider data cited by Rostec.