Crossword Cybersecurity Plc (NEX: CCS, “Crossword”), the NEX Exchange-listed technology commercialisation company focusing exclusively on the cyber security sector, and Coventry University, have seen their spin out venture, CyberOwl Ltd, selected as one of seven cyber security start-ups invited to join the new GCHQ Cyber Accelerator, powered by Wayra UK.
The accelerator, part of the Government’s new Cheltenham Cyber Innovation Centre, is a partnership between GCHQ, the Department of Culture, Media and Sport (DCMS) and Wayra UK, part of the global Telefónica Open Future network.
Alongside the other selected start-ups, CyberOwl will now begin a three-month development programme, benefitting from a £5000 Wayra grant, mentoring, contact with an extensive investor network, office space as well as access to GCHQ’s world-class personnel and technical expertise. According to the government, this will “allow them to expand capability, improve ideas and devise cutting-edge products to outpace current and emerging threats”.
Chris Ensor, National Cyber Security Centre (NCSC) Deputy Director for Cyber Security Skills and Growth said: “The accelerator will combine GCHQ’s understanding of the challenges and deep expertise in cyber security with innovative and cutting edge companies. It will help to develop the next generation of security technologies needed to keep us all safe in cyber space.”
CyberOwl is developing a scalable early-warning system for network security, incorporating advanced security analytics and heuristic methods, to address complex networks, such as the Internet of Things, which is predicted to include over 50 billion connected devices by 2020 according to Cisco. Its software is based on research shortlisted for the Lloyds Science of Risk prize, conducted by Dr Siraj Shaikh, Reader in Cybersecurity at the University of Coventry.
Tom Ilube, CEO of Crossword Cybersecurity said: “We are delighted that CyberOwl has been selected for this fantastic opportunity and keen to see CyberOwl’s development with the help of GCHQ’s exceptional security expertise and Wayra’s experience in accelerating business.”
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