Up to £14.5m will be invested into the innovation centre, with established firms working alongside cutting-edge startups.
The UK Government plans to transform London into a world-leader in cyber crime defence with a £14.5 million investment in an innovation centre to develop the next of generation of cyber security technology.
A competition to develop and design the new centre has also been launched by the Department for Digital, Culture, Media and Sport.
The investment will be spread over the next three years and, as well as enhancing the UK’s cyber security defences, it is hoped that the cash injection will help make the UK the best place to start and grow digital businesses.
Minister for Digital Matt Hancock said: “London is one of the world’s most important tech sectors, with a record £5.6 billion investment in the industry in the past six months and a new tech firm formed every hour in the capital.
“Our investment in a new cyber innovation centre will not only cement the city’s position as a world leader but also boost the whole country by giving UK firms access to the latest cyber technology and allowing start-ups to get the support they need to develop.”
The innovation centre will bring together large businesses to work closely with innovative startups and industry experts to produce new technologies businesses will need to protect themselves in the years ahead. The Government believes this will ensure the UK’s entrepreneurs are creating the solutions the market needs and securing crucial investment.
Startups will be given access to business support and advice, as well as expert technical mentoring, to help them to grow in their early stages and contribute to the UK’s £22 billion cyber security sector
It is estimated that, on average, one tech company is formed every hour in the capital. The city is also home to the headquarters of the newly created National Cyber Security Centre, a part of GCHQ, which opened earlier this year.
It is one of two new centres being developed to help make sure UK firms have access to the latest cyber technology to secure their businesses.
An innovation centre in Cheltenham opened earlier in 2017 with the launch of the GCHQ Cyber Accelerator programme. Seven start-ups have so far graduated from the GCHQ Accelerator with a competition to find the next cohort set to close on August 9.
How much do you know about privacy protection? Try our quiz!