A new £13.5 million cyber innovation centre, located in the Queen Elizabeth Olympic Park, will help secure the UK’s position as a global leader in the growing cyber security sector.
The London Cyber Innovation Centre will boost the thriving East London digital cluster and spur the development of cutting-edge technology to keep the nation safe from online threats. Estimates suggest it could also help create 2,000 jobs in cyber security.
Start-ups chosen for the scheme will work with large firms as they identify cyber security challenges critical to their businesses. This will help make sure the UK’s leading entrepreneurs are creating solutions large firms need as well as securing commercial contracts and crucial investment.
A tech company was formed every hour in London in 2017 and firms attracted almost £3 billion in venture capital investment. The centre will act as a catalyst for start-ups and help the UK increase its slice of the global cyber security industry forecast to be worth £69 billion in 2018.
Margot James, Minister for Digital and the Creative Industries, said: “London is the undisputed leader of European tech, with billions of investment flowing in every year and world-leading firms developing groundbreaking innovations.
“This new centre in the Olympic Park will build on the site’s legacy of excellence and spark a wave of creativity to develop the cyber security technology of the future and help protect the nation’s industry.”
The new centre will be run by Plexal from its Here East headquarters, and is being funded by the Department for Digital, Culture, Media and Sport as part of the Government’s five-year, £1.9 billion investment to keep the UK safe online.
Claire Cockerton, CEO and founder of Plexal, said: “The UK has a strong heritage in tech innovation and a fertile business environment for start-ups to grow. But our future international standing as a world-leading digitally-enabled economy depends on a robust and forward-thinking cyber security sector.
“The centre will help this to develop by delivering bespoke business development programmes, engineering resource, professional services, access to corporate buyers and ambitious investors. Our mission is to bring the whole industry together to accelerate innovation, entrepreneurship and business growth for UK PLC.”