RBC FinSec Incubator: aims to revolutionize the financial sector with secure tech solutions

Since the beginning of time, people have wanted to feel safe and secure. Our ancestors built castles, moats and forts to keep thieves away. Villages were formed to offer protection from roving criminals. Today, villains are not scaling walls or cutting fence wire, but rather infiltrating through fibre and wireless systems. The security threats today, while far less visible than before, are no less real.

To put up a veritable fight against cybercrime, bold solutions are needed. This is where the RBC FinSec Incubator comes in. The program helps early-stage companies transform the financial ecosystem by enhancing product security and resilience to achieve product-market fit.

This new initiative, which focuses on helping accelerate their market readiness and scale their operations in the Canadian FinTech ecosystem, kicked off at a launch event held at the Toronto Region Board of Trade on May 2^nd. Cybersecurity experts and program leaders shared their thoughts on the threats facing the financial industry, the need for bold solutions, and the opportunities the incubator will create to bring the two together.

Battling ever-evolving cyber security threats

Evans sums up the situation by listing three big challenges:

• Very well-funded threat actors;
• An accelerated consumption of technology, which makes it harder for businesses to keep up with advances and consequent threats; and
• A skills shortfall. “You have companies that are falling below the cyber poverty line, where they can’t get the resources or the funding,” says Evans.

He adds that smaller companies that aren’t able to keep up with threats, technology or resources not only face risks to their own organizations but pose risks for their partners – which may include big financial players such as RBC. “It creates issues for us when companies in our supply chain are embedded in critical business functions and supporting financial services,” says Evans. “A disruption to them, means a disruption to us.”

The need for diversity in the technology and vendor space is therefore essential – in other words, there is a critical need for startups that can offer innovative solutions to solve difficult business problems.

Paving the way for startups to step up

Small, young companies tend to look at business problems through different lenses than large, established enterprises. They are typically agile with their approach to developing solutions and can iterate and pivot quickly to address problems. The RBC FinSec Incubator aims to help startups fine-tune their technologies and provide opportunities to work on the critical business issues of today – and offer the exposure to bring them to the biggest boardroom tables of the financial sector.

“The FinSec Incubator is more than just a startup accelerator,” says Laura Evertsen, Head of Strategic Business Development for Cyber Security at RBC. “It’s a commitment from RBC to foster innovation in security within an industry that is integral to every Canadian’s daily life. By investing in this program, we are nurturing the growth of startups and strengthening the trust that our customers have in digital financial services. Our aim is to transform challenges into opportunities by providing these startups with the resources, guidance and network they need to succeed.”

The partnership between Rogers Cybersecure Catalyst and RBC is expected to create a synergy and powerful dynamic that will enable young companies to thrive. “At Rogers Cybersecure Catalyst, we are fueled by our mission to empower people and organizations to seize the opportunities and tackle the challenges of cybersecurity,” says Judith Borts, Senior Director, Rogers Cybersecure Catalyst.

“The RBC FinSec Incubator offers us an incredible opportunity to help startups within our vibrant ecosystem contribute to a more cyber-resilient Canada, while strengthening their knowledge on the complexities of the financial industry,” says Borts. Rogers Cybersecure Catalyst has supported over 500 companies, including graduating 60 startups through their cyber accelerator and, with partners such as RBC, created the largest cybersecurity community in Canada – including 10,000 cybersecurity experts, mentors, entrepreneurs, students and academics.

The program is also designed to provide startups with mentorship and guidance through support in areas such as regulatory compliance, as well as connections to industry leaders in the financial sector and access to mentors and academics on the leading edge of cyber security.

Adams adds that opportunities for funding also exist. “We are a financial company – we have things like investment banking and access to funding. Should the companies be successful coming through these programs, we can help them on their journey – we have small and medium-sized business client segments that we support day in and day out. It’s another way we can get involved.”

“Now more than ever, innovative startups in the fintech and cybersecurity spaces can play a critical role in shaping a safe and secure future for all Canadians,” says Borts. “We’re grateful for RBC’s continued support in helping to create solutions to address growing cybersecurity concerns within the financial sector, while advancing the thriving innovation ecosystem and driving Canada’s global competitiveness in cybersecurity.”

Startups interested in joining the program can apply now at cybersecurecatalyst.ca/rbc-finsec-incubator