Startup scheme aims to turn London into cyber security hub

Cyber London will turn the British capital into a hub for cyber-security startups.

Europe’s first cyber-security accelerator is being launched in London and aims to create a hotbed for startups in the UK’s capital city. CyLon (Cyber London), the not-for-profit organisation, will kick off its first 13-week programme in April with a group of startups in the defence, retail, telecoms and health services industries, amongst others.

The 13 weeks will be packed full of workshops, field trips, coaching classes and mentoring meetings that are designed to accelerate the development of the startups selected.

The programme will aim to give ten teams a year the chance to participate in the accelerator, which provides an opportunity to gain access to the experience and knowledge of a wide network of mentors and investors. Furthermore, the founders will be helped to survive the high costs of London by receiving a £5,000 cost of living stipend while they take part in the scheme.

World is growing more aware of cyber threats

It’s a bold move that comes not long after a high-profile cyber attack on the multinational corporation, Sony. It seems the whole world is waking up to the growing threat of attacks in the digital world, which has many corporations scrambling to prepare their defences.

Cyber attacks can be hugely damaging in a financial sense, but perhaps more importantly, irreparable damage can be done to the reputations of these businesses. Especially if the attackers got hold of confidential personal details of clients and used them for their own gains.

CyLon will bridge the gap between private and public

One of CyLon’s goals is to create a tighter link between the cyber security scene and the UK government. Cyber entrepreneurs will be encouraged to forge relationships with government agencies, academic experts and leaders of businesses that depend on cyber-security to succeed.

“CyLon will serve as a crucial bridge between the public and private sector, and link to London where corporate clients and partners are based,” its website said.

Due to the unique way the scheme is funded, there is zero equity taken by CyLon as all funding is gained through corporate sponsorship. The closing date for applications is Monday the 2nd of March and applications can be made through its website.