The following article was written by the Globe Content Studio and was first published in the The Globe and Mail on February 9, 2023
Cyber attacks continue to hit businesses where it hurts them most – their wallets. In 2022, data breaches cost businesses around the world an average of US$4.35 million, up 13 per cent from 2020 and the highest price tag yet.
There is no easy way to combat ever-evolving threats. Instead, to rise to the challenge of cybersecurity, the sector at large needs a growing level of talent, innovative ideas, and new products and services that can help keep businesses secure.
One leading-edge program that’s driving innovation in this sector and developing the next generation of cybersecurity products and solutions is the Catalyst Cyber Accelerator, the first and only commercial accelerator of its kind in Canada. The program was developed by Rogers Cybersecure Catalyst, Toronto Metropolitan University’s national centre for training, innovation and collaboration in cybersecurity.
“Rogers Cybersecure Catalyst overall was set up to bring together Canada’s cybersecurity ecosystem, helping businesses take advantage of the opportunities and tackle the challenges of cybersecurity,” says Sumit Bhatia, director of innovation and policy at the Catalyst. “Through the accelerator, the focus has always been around the question: How do we support and drive innovation within the sector?”
The answer: Provide a platform where promising cybersecurity start-ups can receive training and mentorship to help grow their businesses and become industry leaders, while helping Canada further its reputation as an international leader in cybersecurity.
The Cyber Catalyst Accelerator is a fast-paced, 3.5-month intensive program designed to help take cybersecurity companies “from startup mode to scaleup mode” and bring their solutions to market. The program is supported by strategically curated resources and a network of mentors, from large enterprises to leading subject matter experts. There is currently no cost to participate: Fees are waived thanks to support from the accelerator’s funding partners.
A holistic approach means participants have access to diverse teaching and programming, from how to protect their company’s intellectual property to marketing strategies that can help tell their story effectively to potential customers. The accelerator also provides access to a network of venture capitalists and other potential investors.
“We are not a one-size-fits-all program,” explains Mr. Bhatia. “We get companies that come from diverse segments and different areas of expertise, such as quantum computing, blockchain, artificial intelligence, privacy and compliance, smart city initiatives, and the Internet of Things. Our program is structured around the needs of our founders and their organizations, and we curate the program based on every cohort.”
Since its inception in 2020, the Catalyst Cyber Accelerator has helped 39 organizations at different stages of their growth trajectory scale their business and develop unique products and services that meet the growing needs of the technology landscape globally. Collectively, these businesses now hold more than 40 patents and employ more than 300 employees.
“Our teams actively work with these companies to assess their needs, pair them with the right folks in our network, and open the right doors for them. That requires an understanding of their business and an understanding of their needs on an ongoing basis in relation to the shifting needs of the marketplace,” says Mr. Bhatia. “Their growth happens very actively in the program and it materializes soon after they leave.”
Neil Desai, who has been working in the cybersecurity space for more than eight years, brings his expertise to the Catalyst Cyber Accelerator as one of the program’s mentors. He is currently an executive with Magnet Forensics, a cybersecurity software company based in Waterloo, Ont. with customers in more than 90 countries.
“As a mentor in the program,” he says, “I’m focused on the commercialization side of the business, so I try to bring those experiences to the younger companies coming through the accelerator, to share some of that knowledge as they create their technology and try to scale globally.”
Mr. Desai says he knows the fear that surrounds ransomware threats and cybersecurity breaches, but he also acknowledges that this industry presents a significant juncture for Canadian businesses, especially in the small- and medium-sized range.
“We often talk about the challenge of cybercrime and cybersecurity, but that can also be seen as an opportunity,” says Mr. Desai. “We see how much productivity is lost and the cost of cybercrime globally, but there is an opportunity for those working in the cybersecurity space to be the ones equipping governments and companies to handle these issues.”
Indeed, Canada is on its way to making a significant name for itself as a global cybersecurity leader as this sector contributed $3.2 billion in GDP in 2020 – driven by research, innovation, commercialization, cyber skills development and more.
For Mr. Bhatia, this makes spaces like the Cyber Catalyst Accelerator even more valuable to the country’s growing cybersecurity industry. “The success of this sector depends on us not only supporting cybersecurity companies,” he says, “but helping Canadian businesses better understand why cybersecurity should be a critical part of their digital adoption and transformation journeys.”
To learn more about the Cyber Catalyst Accelerator and to apply to the next cohort, visit: https://cybersecurecatalyst.ca/catalyst-cyber-accelerator/.
