Cyber Innovation Challenge 2023
The City of London Corporation and City Police complete innovation sprint
Participating tech companies have completed the six-week sprint of the second Cyber Innovation Challenge by presenting their use case solutions. Over the course of the challenge KYCHub, Leo CybSec, Pervade Software, Seedata.IO, Trust Stamp, Vaultree and WCKD RZR partnered with financial and professional services (FPS) firms to explore innovative tech solutions this year’s Challenge use case.
This year’s Challenge use case was created with industry and involved two parts: the first part focusing on capturing live threat intelligence from financial services and securely transfer this to law enforcement. The second part investigated how technology can provide a mechanism to share an anonymised update back to the wider financial sector.
Together, solving these issues aims to improve oversight of threats facing industry and provide an enhanced insight into the threat level facing industry.
FPS firms including Checkout.com, Clear.Bank, Legal & General, and Mastercard, as well as supporting Partners Microsoft, UK Finance, Department for Business and Trade, and London & Partners provided advice to tech companies along the six-week sprint as well as collaboration sessions designed to enhance their solutions and raise awareness of the support on offer to help scale their business.
The closing presentations allowed the tech participants to explain how their solutions had evolved across the sprint as a result of the 1:1 engagement with FPS participants as well as support from partnering organisations. The tech participants also shared their key learnings and any next steps to take forward.
The final part of the challenge will be the Cyber Innovation Showcase Event on the 19th of September. This Showcase Event is aimed at those working in financial and professional services and beyond with an interest in cyber security, data or innovation. The event will provide a deep dive into the Challenge – there will be a panel discussion involving tech participants and partners, a presentation on one of the tech solutions, and networking opportunities for those attending.
The Cyber Innovation Challenge will provide a unique platform for collaboration between financial services (banking, payments, insurance) and technology companies. Participants will work together to enhance innovative tech solutions to address a key security priority or “use case” for financial services.
Together, we are nurturing innovation in an increasingly important field and helping UK businesses lead from the front in adapting for the future.
The innovation challenge will:
- Accelerate the development of innovative cyber-security solutions that meet FS and wider industry demand;
- Support cross-sector collaboration and information sharing on an emerging and/or key cyber-security challenge (including between industry and policing); and
- Provide thought leadership on catalysing cyber innovation in the UK
Over the course of 6 weeks participants will work together to address the use case through tech solutions and present the results at the end of the project. A showcase event at Guildhall will also be held to reflect on the Challenge.
Our time line for the Challenge is as follows:
- W/C 15 May: applications open
- 31 May: applications close at 11.45pm
- W/C 5 June: applications will be reviewed and successful applicants notified across the week
- W/C 19 June: the innovation sprint begins
- W/C 31 July: project wrap up and wider promotion
- 19 September: showcase event at Guildhall