New centre to fight cyber security set for London
In a bid to help secure the UK's position as a global leader in the growing cyber security sector, a £13.5 million cyber innovation centre, located in the Queen Elizabeth Olympic Park in London, has been announced.
Officially titled the London Cyber Innovation Centre, the new site is expected to boost East London's 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 UK jobs in cyber security.
Startups 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 startups and help the UK increase its slice of the global cyber security industry forecast to be worth £69 billion in 2018.
"London is the undisputed leader of European tech, with billions of investment flowing in every year and world-leading firms developing groundbreaking innovations," said Margot James, minister for digital and the creative industries. "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. It will offer a tailored programme of support to at least 72 companies over three years and is open to firms from across the UK.