The City of London Corporation is launching a new cyber security innovation challenge to spur tech development in the face of evolving digital threats.
The challenge will bring together financial services institutions, tech companies and other industry and Government partners. They will collaborate on developing solutions to assess and actively monitor the cyber security risks across the supply chain whilst also highlighting steps that can be taken to respond to any emerging threats.
The challenge will take the form of a six-week sprint during which participating organisations will closely collaborate and present the results at the end of the project. Microsoft is supporting the initiative by providing programme and solution guidance, in addition to Microsoft Azure credits to host the data and participant interactions.
Participants will also have access to the Digital Sandbox platform to accelerate tech development and provide support to ensure their final products are market ready.
Tech companies will have the unique opportunity to work with participants from across financial services institutions to gain deeper understanding of the challenge as well as market insight. Among the participants taking part are Moody’s, Hiscox, and Nationwide and industry partners such as the City of London Police, UK Finance, Department for International Trade, and London & Partners.
Cyber security impacts businesses and individuals across the globe and more sophisticated use of technology is critical for both identifying and responding to any emerging threats. Particularly over the past 18 months, the threat of cybercrime has increased alongside and during the COVID-19 pandemic.
In addition, the regulatory environment around cyber security is constantly evolving and businesses need to have confidence in both their ability to meet security guidelines and the ability of those within their supply chain.
A City of London Corporation spokesperson said: “One of the things that makes London so attractive to tech firms is its advanced and interconnected business ecosystem.
“The growth of tech, accelerated by the recent global pandemic, has highlighted key common challenges, including cyber security. This challenge will galvanise concerted action by business and industry players. Only close collaboration and innovative solutions will enable the sector to reach its full potential”.
Oge Udensi, Principal Cybersecurity at UK Finance said: “Assessing cyber risks is a constant challenge for financial services firms. Even once reports are completed, they can quickly become out of date thanks to the ever-changing cyber landscape.
“There is a real need for an innovative solution that can assess cyber risks in real time. UK Finance is pleased to support this innovation challenge and we look forward to seeing the results.”
Chris Perkins, General Manager, Enterprise Commercial at Microsoft UK said: “We’re proud to support this unique and timely initiative from the City of London Corporation. The security environment is continuously evolving and managing this risk remains a top priority for all financial services organisations due to the critical nature of the role the industry plays within the economy.
“This initiative will drive innovation in the market through collaborative work, across diverse teams and across ecosystems of interdependent organisations, to further boost not only London but the UK’s role as a global innovation hub.”