LORCA – the new London cyber security innovation centre will help to boost exports of UK cyber security expertise.
A key part of the ambition for London’s £13.5m government-funded cyber innovation centre is that it will help drive UK exports, according to Robert Hannigan, former head of GCHQ.
“We hope that companies founded and given a boost and support in going to market will also go to market overseas,” he said at the official opening of the centre – to be known as the London Office for Rapid Cybersecurity Advancement (Lorca).
“The government’s ambition is very clearly to make the UK a leader in cyber security exports, and I see massive potential out there in countries around the world that need a variety of different solutions,” said Hannigan, who will lead Lorca’s industry advisory board.
“We know we have great talent, potential and possibilities, and bringing it all together was the challenge for government and what has led to this [cyber security innovation] centre,” he said.
The centre will play an important role in bringing together the many good innovators and incubators across the UK and provide a focal point for interacting with government, said Hannigan.
Lorca will also bring together cyber security innovators with academics in the field, with various industry sectors – starting with the cyber security-leading finance sector, with other technical and non-technical disciplines, and with international partners.
“This centre has links to the US, Israel and Singapore, and convening the three most prominent cyber security industry centres in the world is going to be very powerful in magnifying the value of this centre,” said Hannigan.
Commenting further on the potential for cyber security exports, Hannigan said there is a “massive market” out there because there are many economies that are some way behind the cyber security technology front-runners that are looking for solutions.
“There is massive potential, we have got some great companies, the UK has a good reputation and we should capitalise on that because if we put all that together and get it right, we will have a booming cyber security export industry,” he said.
“There is a lot of private sector capital looking to invest in cyber. So there is no shortage of capital, it is all about finding the right vehicle, and Lorca will help with that. But there is no reason why, in the future, there shouldn’t be more initiatives along the same lines.”
For this reason, Hannigan believes there is room for many more initiatives aimed at supporting cyber security entrepreneurs.
“There is no competition between incubators and accelerators within the UK – the more the merrier,” he said, explaining that each has something different to offer, with Lorca being more industry-focused with international links, for example, and the GCHQ accelerator and innovation centre in Cheltenham being more focused on national cyber security.
The government funding for Lorca will also promote its role as a convening body for other accelerators and incubators as a “useful way of amplifying the UK’s overall cyber security offering, particularly overseas, said Hannigan.
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