Businesses in Wales should seize the opportunities provided by the Technology Strategy Board, the UK’s innovation agency, to help them develop new products and services.
That’s the message from the Secretary of State for Wales David Jones MP and comes as Cardiff business, Westgate Cyber Security, won a £60,000 grant from the board to develop its new hardware-based virtual private network project.
Secretary of State for Wales David Jones MP said:
“The UK’s cyber security sector is worth around £2.8billion and growing fast - by 2017 it is forecast to be worth more than £3.4 billion.
“Many of these companies are concentrated in the Severn Valley - including the Newport and Cardiff areas - and so it’s great news that Westgate Cyber Security has won this funding.
“We are in a global race and it’s critical for Wales to keep at the forefront of innovative technology ideas.
“I urge Welsh businesses to contact the Technology Standard Board to see how they can support their growth and help them take new products to market.”
Westgate Cyber Security, which advises organisations on network and data protection, was one of seven businesses to win funding out of the cluster of cyber security firms in the Severn Valley.
CEO of Westgate Cyber Security David Jones said:
“We are delighted to have won this funding from the Technology Strategy Board.
“All early stage technology companies face challenges and to have the security of this award will be vital in helping us to begin the development of our new hardware-based virtual private network project.
“Cyber threats are a key global challenge and cyber security is poised to be a very strong growth sector for Wales and so it’s great to see the UK government supporting innovative companies so they can develop new products and services.”
A 2013 report by the Department for Business, Innovation and Skills found that the UK’s cyber security sector is worth around £2.8billion and forecast to be worth over £3.4billion by 2017. It also found that some 14% of the cyber security businesses in the UK are concentrated in an area centred on the Severn Valley - covering Newport and Cardiff.
The Technology Strategy Board is the UK’s innovation agency. Its goal is to accelerate economic growth by stimulating and supporting business-led innovation. Sponsored by the Department for Business, Innovation and Skills, the Technology Strategy Board brings together business, research and the public sector, supporting and accelerating the development of innovative products and services to meet market needs, tackle major societal challenges and help build the future economy.