Cybersecurity – Ontario’s Next Big Startup Cluster?
A recent report from Deloitte, commissioned by the Ontario Centres of Excellence (OCE) and the Toronto Financial Services Alliance (TFSA), suggests that Southern Ontario is perfectly positioned to become a global hub for cybersecurity startups.
The current market for cybersecurity products is estimated at $106 billion. At the same time, the average Canadian data breach costs over $6 million, and analysts project the aggregate global costs of cybercrime at $2 trillion, with dramatic growth rates. With high enterprise risk but no single company leading the market for enterprise solutions, it’s an attractive sector for a new entrant.
Deloitte’s report argues that Canada, and Ontario in particular, should play a leadership role in the global development of this vertical.
Canada’s financial services sector is large, stable and increasingly interested in collaborating with new technology companies. Canadian banks have set themselves apart from the global class with a reputation for stability earned during the financial crisis. Investing in cybersecurity amplifies and helps protect that reputation. And as our friends at The Spotlight have covered, companies are increasingly becoming aware of the high costs of data theft.
Full article at: bit.ly/2lfolBY