ATLANTIC CANADA: CYBER TECHNOLOGY

Take Your
Technology Further

Fast becoming one of Canada’s most significant tech clusters, Atlantic Canada has its finger on the pulse of information security, critical infrastructure security, and financial technology.

ATLANTIC CANADA'S CYBER TECHNOLOGY SECTOR

Canada’s financial technology sector has seen a steady increase in dedicated funding, from $133 million USD in 2018 to $241 million USD in 2019.

SUBSECTOR

Information
Security

With a rise in successful attacks in recent years, there is renewed global emphasis on information security. Thanks to a growing reputation as a leading tech cluster focused on security, and strong ties to North Atlantic Treaty Organization (NATO)-compatible industry, this is a key area of opportunity for the Atlantic Canada region. This opportunity is highlighted by the recent $2.75 billion acquisition of St. John’s, Newfoundland and Labrador-based Verafin by Nasdaq.


How it's done:

ATLANTIC CANADA'S CYBER TECHNOLOGY INFRASTRUCTURE

Relatively lower wages make Atlantic Canada a more attractive proposition for businesses. Meanwhile, Canada’s immigration-friendly outlook makes it easier to source skilled workers—and programs are in place to expedite skilled guest-workers’ entry into the country. For those local up and comers into the industry, world-class training programs and post-secondary institutions provide ample opportunity to learn and advance skills. Here is a snapshot of Atlantic Canada’s cyber technology workforce and labour supply.




Atlantic Canada already hosts 500 companies in finance, and 100 startups in financial technology. Many of these startups receive expertise from Atlantic FinTech, an initiative dedicated to supporting such companies in Atlantic Canada.


The region is home to a highly skilled and bilingual talent base, along with established business incentives.


Atlantic Canada is located along the fastest information route between North America and Europe, with Hibernia Atlantic Cable System bases in Halifax and Moncton. This bandwidth makes it a hub for the global trading market.


Atlantic Canada has been recognized as one of the most cost-competitive regions in North America, providing employers and employees with affordability and flexibility.


The Cyber Centre at Knowledge Park in New Brunswick provides an environment dedicated to supporting innovation in critical infrastructure security, supporting 75 industry startups.


The Canadian Strategic Innovation Fund can be leveraged to support innovation in critical infrastructure security.


A Centre of Excellence (COE) in Healthcare Cybersecurity is being established in St. John's, Newfoundland and Labrador.


The University of New Brunswick supports the Canadian Institute for Cybersecurity, fostering industry collaboration and innovation.


Nova Scotia Community College (NSCC) offers courses in cyber security and anti-money laundering.


Where it's done:

ATLANTIC CANADA'S CYBER TECHNOLOGY INSTITUTIONS AND ASSOCIATIONS

Atlantic Canada’s cyber technology ecosystem is strong and growing. Post-secondary institutions like the University of New Brunswick, Dalhousie University, and Memorial University have competitive business and computer science programs, supported by research centres. This generates a large talent base for employers in the industry. Cutting-edge facilities like New Brunswick’s Cyber Centre support startup clusters, while provincial associations continue to spark innovation and provide support.

Research and Innovation

Businesses and Associations



Keeping Good Company


Many global companies and institutions have seen the benefits of working in partnership with Atlantic Canadian companies. World-leading energy companies, the European Space Agency and the North American Aerospace Defense Command (NORAD) are just a few of the key players. Take a look at some of those big names.

SUCCESS STORIES:

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Taking Cyber Tech to the Next Level


Verafin’s $2.75 billion Nasdaq sale not an isolated Atlantic tech success

One of the founders of St. John, Newfoundland and Labrador’s digital security company Verafin says his company's huge deal with Nasdaq in late 2020 is just the beginning for the region’s technology sector.


Brendan Brothers' company, which helps to detect activity like fraud and money laundering, was bought in November by the global tech giant in a deal worth $2.75 billion USD. It's a deal that Brothers says will pave the way for other tech companies and continue to grow the industry in the province.


“The one thing that comes out of a deal like the Nasdaq-Verafin partnership here is that I think it creates some fuel in the ecosystem, which has already been bubbling here for quite some time," he said. “You need, I think, a story like this to be able to set an example for other businesses that are going to start here, that are going to start to thrive here, that are going to come out of all the incubators that we have.”


“You need, I think, a story like this to be able to set an example for other businesses that are going to start here, that are going to start to thrive here, that are going to come out of all the incubators that we have.”
- Brendan Brothers, Cofounder, Verafin


Momentum growing in tech sector

Brothers said those incubators, like Memorial University's Genesis, along with a few recent success stories, are helping inspire future innovation and development.


“I think back to when we started our business back in 2003 and we started at the Genesis, but the Genesis was really small at that point in time and there weren't examples like we have right now,” he said. “Now there's this group of companies, CoLab, Mysa, all these great examples of companies that are doing interesting things, building great products and services. And it's by everybody starting and being successful that we start to create this momentum.”


With that momentum now growing, Brothers said the sky's the limit for technology in Newfoundland and Labrador.


“The benefit of software is that you're only limited by what you can think…It's not something where you're tied to a natural resource or you're tied to a place; you're really only limited by what you can actually think and imagine and try and find a problem to solve,” he said.

“…you're really only limited by what you can actually think and imagine and try and find a problem to solve.”
— Brendan Brothers, Cofounder, Verafin


A technology pipeline

“If you look at the number of people that are employed in technology in the province, a significant portion of them are within technology businesses like ourselves. But technology people are also required across every other business as well. Verafin alone, we've added 100-plus people for the past several years, and we plan on hiring 200-plus more in the coming years,” Brothers said.


“We need a pipeline, not only of people to work within these businesses, but I think probably more importantly, a pipeline of people who are going to take a chance and start an entrepreneurial venture and actually jump in and try and create something.”


Fighting global crime – from Atlantic Canada

While Nasdaq is a company with offices all over the world, Brothers said he's committed to keeping Verafin based in St. John's. He said he wants Verafin to create “the world's most effective crime-fighting network,” but is hopeful for the growth of other local startups as well.


“We're trying to catch bad guys. We're trying to stop money laundering. We're trying to stop fraud. It's a problem that is evergreen, it never goes away, so I think as long as we're still having fun and we're excited about what we're doing within Verafin, I think we'll continue to focus on that,” he said.


“But I think broadly, this is a great opportunity to be able to create more success here…As long as we continue to invest and as long as we continue to create the structures where people can try, succeed, and/or fail and try again, then we will be successful at the end of the day.”

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THE REGION

The Power of
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As we enter an era of a truly global economy, there is a place positioned for success — to the power of 4. Ever at the forefront of exploration and innovation, the four distinct provinces of Atlantic Canada form one powerful alliance.

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