Lloyds Banking Group to become first founder of LORCA

Lloyds Banking Group is set to become the first founding partner of a government-funded cyber innovation centre that has opened in London.

The London Office for Rapid Cyber-security Advancement (LORCA), which was launched by Digital Secretary Matt Hancock and is based in East London, will provide support to cyber-security start-ups, with a focus on businesses in the financial services sector.

Prepared

The launch of LORCA comes as a study published by the centre showed that more than 50% of businesses in the UK have experienced a cyber-security attack in the past year.

The study, which surveyed 500 UK C-level executives, also found that more than 50% of firms do not have suitable cyber-security solutions in place.

The £13.5m centre comes as part of the government’s plan to invest £1.9bn to improve cyber-security in the UK. Run by innovation hub Plexal, the centre will aim to boost London’s tech sector, with Lloyds Banking Group helping to select and support the UK’s innovators to help them develop their cyber-security ideas.

The bank will be focusing specifically on cyber-security in the financial services industry, making sure that the industry is prepared for cyber-attacks.

Boost

Commenting on LORCA, Hancock said: “It’s fantastic to open this new centre where some of our most talented entrepreneurs and innovative companies will develop the cyber-security technology of tomorrow. This will boost London's booming tech sector and benefit businesses across the country.”