This is information we have to consider : a recent independent report prepared for Toronto Financial Services Alliance and Ontario Centres of Excellence ranks U.S. first, followed by Israel, the U.K. and Canada as the largest innovation hub in the world for cybersecurity.
Canada ranks as the 4th
“Canada ranks as the fourth largest innovation hub in the world for cybersecurity with Ontario leading the country”, concludes the report. And Ontario has the potential to assume a more dominant leadership role in cybersecurity, given its current strengths in financial services and technology, if it takes immediate steps to seize the opportunity.
The ranking is based on venture capital deals in the cybersecurity sector.
« Canada‘s financial industry has an international reputation for stability, safety and growth. And, it is headquartered right here in the Toronto-Waterloo innovation corridor, among one of the largest technology hubs in North America. This presents a huge opportunity to build capacity to support the financial industry and to generate economic growth », says Janet Ecker, President and CEO of TFSA.
Entitled « Harnessing the Cybersecurity Opportunity for Growth », the report was produced by Deloitte LLP (Deloitte), well known for its expertise in this space.
It concludes that there are significant benefits for Ontario if the province were to strengthen its cybersecurity innovation ecosystem, with a focus on the financial services industry.
« We have already established significant clusters of cybersecurity innovation. What’s needed now is the coordination and focused support that will take this to a new level of global competitiveness », says Tom Corr, President and CEO, Ontario Centres of Excellence.
The report also notes that other jurisdictions around the world are poised to step into the breach and recommends that Ontario act quickly on this window of opportunity for growth or risk losing substantive benefits, including high skilled jobs, long-term security and overall economic prosperity.
In the World Economic Forum’s Global Risk 2016 report, cybersecurity risk was recognized as one of the top commercial risks along with geopolitics, the environment, and the economy.
The report can be found online at www.oce-ontario.org/Cyber-Report .
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(Image credit: http://law.rwu.edu )
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