More than 160 industry leaders from the financial services and fintech sectors, as well as representatives from the investment community, government, and academia came together September 28 to discuss challenges and opportunities for collaboration in Ontario’s red-hot cyberfintech innovation space.
Hosted at the Design Exchange by Ontario Centres of Excellence (OCE) and the Toronto Financial Services Alliance (TFSA), the Cybersecurity Fintech Partnering Forum provided companies opportunities to network with Canada’s largest financial institutions (FIs) in one-to-one networking sessions, as well as hear case studies related to collaboration and talent acquisition.
The event was also held to kick off the Cybersecurity Fintech Innovation Pilot Program (CFIPP). Introduced in the summer, CFIPP is a one-year, $7.8-million initiative funded by the Ministry of Research, Innovation and Science (MRIS) and delivered by OCE in collaboration with the TFSA. The program will accelerate the growth of cybersecurity start-up and scale-up companies in Ontario through technology development and demonstration projects that will catalyze the early adoption of innovative technologies, helping fintech SMEs scale up more quickly.
“On the issue of fintech and specifically cybersecurity, OCE has been very active over the past year,” said Dr. Tom Corr, President and CEO of OCE. “Today’s forum is a unique opportunity to explore collaboration possibilities while also gaining a better understanding of the rapidly evolving cyberfintech landscape.”
The importance of understanding and implementing cybersecurity is more relevant every day. Earlier this month, credit rating agency Equifax was cyberattacked, which may have compromised the personal information of 143 million Americans and up to 100,000 Canadians. The CFIPP aims to procure innovative solutions to cybersecurity challenges and provide fintech companies with cybersecurity talent.
“These types of data breaches have become increasingly large and increasingly common and this is a major concern,” said Janet Ecker, President and CEO of TFSA in her last official event before her retirement. “You in this room are very much part of that frontline defence to protect our privacy.”
To learn more about the program and how to apply, please visit the Cybersecurity Fintech Innovation Pilot Program web page.