The objective of the Fintech Cyber Security Hub is to develop a viable and successful Australian fintech cyber security capability and industry – that is to create, commercialise and ultimately scale innovation in cyber security with real-world applications from Australia.
Corporates participating in the Hub activities will have access to quality innovative fintech cyber security solutions, whilst providing emerging tech companies with what they need most; profitable cornerstone customers.
The Fintech Cyber Security Hub forms part of a three phase innovation program. The first of which was the inaugural National Fintech Cyber Security Summit held in May 2016 which included a VIP roundtable and evening series. The purpose of the summit was to bring together key stakeholders from all sectors across the nation such as defence, government, research, industry and startups to discuss Australia and the region’s cyber security needs. Key outcomes from the Summit are published in the report: ‘Startup secrets: How Australia can create new businesses with fintech and cyber security industry collaboration.’
Phase Two includes the launch of a National Fintech Cyber Security Innovation Challenge, as recommended in the Startup secrets report. The Innovation Challenge will bring together key organisations seeking to collaborate with high quality technology ventures, entrepreneurs and researchers nationally to help meet present and future challenges at the crossroads between financial services and cyber security. This is an exercise in outcomes based commercial collaboration which will require the prioritisation of capital and talent from organisations wishing to participate.
Phase Three will be the launch of the Cyber Security Innovation Lab where handpicked ventures and researchers will work alongside corporates and government agencies to create and commercialise new developments in fintech-led cyber security
Cyber security impacts every organisation across all industries and businesses of all sizes. The growing sophistication of cyber threats have not been solved by the market sufficiently well enough. The Fintech Cyber Hub benefits corporates by facilitating new approaches to problem solving and better internal innovation to skills retention, procurement cost savings and a roadmap to prepare for potential industry disruption – not simply creating ‘more products’ for the sake of it.
Australian businesses need to become startup ready within their own innovation activities. The inaugural Summit’s main found a need for more collaboration where corporates and governments agencies must look at branching out their own innovation programs to include startups outside their organisations, which in turn further benefits innovation and industry development.
For many startups working to get a product or service off the ground, corporates can offer immediate help by providing feedback and bringing them on board as a supplier – it is a misconception startups are only interested in funding. Startups need customers. Generally the funding will follow. Startups are also a good way for corporates to access innovative approaches to the cyber security threat and opportunity landscape.
Critical success factors for the program will be largely dependent on four things:
- sufficient funding be secured from a combination of the public and private sector for it to be successfully run;
- sufficient priority placed by participants on the allocation of resources both talent and business;
- program partners committed to partner with startups on a commercial basis; and
- agreement on bringing forward both the challenges and opportunities upon which to focus our innovation efforts.