NYCEDC Unveils Global Cyber Center, Innovation Hub, And New Talent Pipelines To Secure NYC’s Future

As part of the Cyber NYC plan, New York Economic Development Corporation will open an innovation center with coworking space

Unveiling plans for a Chelsea-based Global Cyber Center, a SoHo-based innovation hub, a Facebook-CUNY master’s program, a virtual apprenticeship program, and a cyber boot camp for underserved New Yorkers, among other initiatives

City tapping world-renowned partners SOSA, JVP, Columbia University, CUNY, NYU, Cornell Tech, iQ4, Fullstack Academy, and LaGuardia Community College to spur innovation and catalyze 10,000 good-paying jobs through cybersecurity

New York, October 2 — New York City Economic Development Corporation (NYCEDC) today unveiled its plans to transform New York City into a global leader of cybersecurity innovation and talent to combat one of the world’s greatest threats. Cyber NYC, the City’s initiative to grow the cybersecurity sector, will leverage a roster of world-renowned partners to launch a Global Cyber Center, an innovation hub for startups, initiatives to fuel commercialization and research, and new talent pipelines to train the cyber workforce of the future.

“New York City needs to be ambitious about cybersecurity because our future depends on it. Cyber NYC will fuel the next generation of cybersecurity innovation and talent, leveraging one of the world’s greatest threats to create a major economic anchor and up to 10,000 quality middle-class jobs,” said NYCEDC President and CEO James Patchett. “We’ve convened a world-class roster of partners to help us execute on this essential plan, which will help protect the industries and people that make this city the economic powerhouse that it is today.”

Cybersecurity attacks occur every 40 seconds across the globe, with over 3.8 billion internet users being affected by cyber-attacks in 2017. This extreme threat has created a growing demand for new products and cybersecurity talent. The cybersecurity talent gap will grow to an estimated 3.5 million unfilled jobs by 20211

With key industries in finance, healthcare, retail, and media – all major targets of cybersecurity attacks and the largest buyer-base of cybersecurity products – New York City has both a need and an opportunity to fuel homegrown innovation and talent. Cyber NYC is expected to catalyze the growth of 10,000 good-paying cyber security jobs over the next decade and is a key component of Mayor de Blasio’s New York Works Plan.

“Cybersecurity has never been more important to the pillars of New York’s economy – sectors like finance, healthcare, media, and technology – and it will only grow more crucial,” said Manhattan Borough President Gale A. Brewer. “You only have to open a newspaper to see how vast the need for cybersecurity is today. Investing in this industry is timely, it plays to New York’s strengths, and it will deliver a real return.”

“As global leaders on the counterterrorism front, the City that never sleeps is the perfect place for the cybersecurity industry to take root. Our Chelsea cyber center will stand out by adding even more jobs, talent and innovation to our growing tech-savvy city. Thank you to the NYCEDC and all our partners for continuing the push to transform NYC into the latest and greatest center for tech innovators,” said Council Member Peter Koo.

Cyber NYC will be fueled by a $30 million City investment, leveraging up to an additional $70 million from private funding. The initiative includes the following distinct, yet connected efforts:

Creating a Center of Gravity for Cyber

Global Cyber Center: NYCEDC has selected Israeli corporate innovation expert, SOSA, to establish a center of gravity for the industry. The 15,000-square- foot, state-of-the-art center in Chelsea will bring together an international community of corporations, investors, startups, and talent to foster collaboration and innovation in New York City’s growing cybersecurity ecosystem. Located at 17th Street and 7th Avenue, the center will offer industry-specific events, and programming, as well as coworking space for startups and a cyber range, a virtual testing ground to run simulations.

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Scaling, Attracting the Next Generation of Cyber Companies

Hub.NYC by JVP: NYCEDC has selected renowned international venture capital firm Jerusalem Venture Partners (JVP) to establish the city’s first international cybersecurity investment hub and create the next billion-dollar opportunity in cybersecurity. Functioning out of a 50,000-square-foot space located in SoHo, this dynamic program will support growth-stage startups, facilitating access to clients, business support, and investment, with the goal of growing them into major cybersecurity companies in New York City.

Inventors to Founders: NYCEDC has selected Columbia University to connect academic inventors of patented cybersecurity technologies with experienced entrepreneurial talent to launch new cybersecurity startups, accelerating innovation and commercialization. It will also provide acceleration resources such as mentorship, training, and validation capital to launch more and stronger early-stage academic startups as quickly as possible.

“We are excited and honored to have been chosen by the EDC to run the Global Cyber Center,” says Uzi Scheffer, SOSA CEO. “The Global Cyber Center will serve as a center of gravity for the entire cybersecurity industry and will connect to the finest talent from New York, the States, Israel and our entire global network. SOSA has a long history of forging strong partnerships by bringing together entrepreneurs and technologies to drive solutions, and we look forward to doing the same for the cyber community as we grow our New York City presence. We will see partnerships formed, pilot projects launched and strategic investments made that will positively impact New York and the world.”

“We’re convinced that New York City, the world capital of finance and media, will soon emerge as the new global hub for cybersecurity,” said Erel Margalit, Founder and Chairman of JVP. “If the West Coast is the U.S technology hub, New York can become the international technology Hub in close partnership with Israel and the international community to build the next generation of cybersecurity companies to counter the new threats.”

“We are extremely excited to be collaborating with NYCEDC on this exciting and important initiative,” said Orin Herskowitz, Executive Director of Columbia Technology Ventures. “Columbia University has a long and successful track record of translating its inventions into products and services that improve lives, create jobs, and benefit society. Last year alone, 28 startup companies were formed based on research emerging from Columbia’s labs across fields such as cybersecurity, machine learning, photonics, media, biotechnology, medical devices, tissue engineering, and more. We look forward to collaborating with CUNY, Cornell Tech, and NYU to help launch more and stronger cybersecurity startups, faster than ever, based on these university innovations.”

About NYCEDC

New York City Economic Development Corporation is the City’s primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC’s mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City’s competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City’s many opportunities. Find us on Facebook or follow us on Twitter, or visit our blog to learn more about NYCEDC projects and initiatives.

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