RBC FinSec Incubator

RBC FinSec Incubator is sponsored by Rogers Cybersecure Catalyst. A 4-month program designed to support early-stage Canadian fintech startups by bridging the gap between financial sector needs and emerging fintech and cybersecurity solutions.

# RBC FinSec Incubator: New RBC-supported incubator aims to revolutionize the financial sector with secure tech solutions - RBC News & Stories * Current Language Canada - EN * News & Stories Overview * Current Language Canada - EN # RBC FinSec Incubator: New RBC-supported incubator aims to revolutionize the financial sector with secure tech solutions # RBC FinSec Incubator: New RBC-supported incubator aims to revolutionize the financial sector with secure tech solutions Rogers Cybersecure Catalyst and RBC recently announced the launch of the RBC FinSec Incubator – a new program that will help emerging fintech and cybersecurity startups meet the complex needs of the financial sector.

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 “The nature of the threat landscape over the last decade has changed dramatically,” says Adam Evans, Senior Vice President & CISO at RBC, during a fireside chat at the event.

He explains that while 10 years ago, threats were primarily malware and denial of service attacks, they were commoditized quickly, and the bank was able to deal with those issues fairly easily. But today, things look very different. “There is a very distributed economy of crime.

You have platforms, franchisees, and they are building out capabilities that they are renting for attacks for hire with different services and full support models. And they’re making boatloads of money in this economy,” he says. In fact, if cybercrime was measured as a country, it would be the third largest economy after China.

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. Evans 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.

This article offers general information only and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subject matter discussed.

All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or its affiliates.

# RBC FinSec Incubator: New RBC-supported incubator aims to revolutionize the financial sector with secure tech solutions Rogers Cybersecure Catalyst and RBC recently announced the launch of the RBC FinSec Incubator – a new program that will help emerging fintech and cybersecurity startups meet the complex needs of the financial sector. 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 “The nature of the threat landscape over the last decade has changed dramatically,” says Adam Evans, Senior Vice President & CISO at RBC, during a fireside chat at the event.

He explains that while 10 years ago, threats were primarily malware and denial of service attacks, they were commoditized quickly, and the bank was able to deal with those issues fairly easily. But today, things look very different. “There is a very distributed economy of crime.

You have platforms, franchisees, and they are building out capabilities that they are renting for attacks for hire with different services and full support models. And they’re making boatloads of money in this economy,” he says. In fact, if cybercrime was measured as a country, it would be the third largest economy after China.

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. Evans 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.

This article offers general information only and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subject matter discussed.

All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or its affiliates.

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