Data innovation group Data61 has announced the signing of a Memorandum of Understanding (MoU) with Cyber London, a cyber security accelerator and business incubator, that will look to accelerate innovation in the cyber security space in both Australia and the UK through the sharing of expertise, resources, and capital.
The two organisations will, over the next few months, collaborate on the development of “mutually reinforcing” programs in the UK and Australia.
The MoU incorporates the development of programs for improved cyber skills and governance, the launch of a CyLon accelerator program in Australia, and the creation of reciprocal landing pads.
Adrian Turner, CEO of Data61, said, “Data61’s goal is to align Australian interests which can create the scale and momentum for development of a vibrant cybersecurity industry. We are excited to be partnering with Cyber London to help make this agenda a reality.”
Sajid Javid, the UK Secretary of State for Business, Innovation and Skills, and President of the Board of Trade, added, “Given our shared history, values and co-operation around issues of security, UK and Australia are ideally placed to work closely as leaders and innovators in the cyber industry.
“This agreement lays the foundation for more formal collaboration and will provide both Australian and UK companies with an enhanced environment for research, innovation and to accelerate the development of new cyber technologies and ideas.”
Europe’s first cyber security accelerator, Cyber London was established in 2015 and has run two programs.
Data61 said the partnership will complement the new Cyber Security Strategy soon set to be released by the Government as part of the National Science and Innovation Agenda, a component of which is the Cyber Security Growth Centre.
Expected to be operational by mid-2016, the Growth Centre will receive $30 million in funding through to 2019-20 in order to develop Australia into a global industry leader in the cyber security market, which the is currently estimated to be worth more than US$71 billion and growing at eight percent a year.
The partnership is just the latest for UK and Australian innovation, with the Australian Securities and Investments Commission (ASIC) and the UK Financial Conduct Authority (FCA) last month signing an agreement that will see fintechs in Australia and the UK be given more support from the financial regulators as they look to enter the others’ market.
ASIC and the FCA will refer startups to one another, with the regulators providing support before, during, and after authorisation to help reduce regulatory issues and time to market.