The London Office for Rapid Cyber security Advancement (LORCA) has officially opened its doors today in East London.
Launched by digital secretary Matt Hancock, LORCA will be run by tech innovation centre Plexal, located on the Here East digital campus inside Plexal City.
The government-backed £13.5m centre will help the UK's newest cyber security startups on their journey across all stages of growth, as it seeks to position the UK as a global leader in the field amid growing online threats.
A study conducted by LORCA revealed that more than half of the UK's large businesses have suffered a cyber security attack in the last 12 months, with almost a quarter of c-suite level executives believing that their company's current cyber security solutions are not fit for purpose.
Lloyd's Banking Group is set to be the centre's first founding partner, and will be closely involved in selecting and supporting startups with a take on financial services "over and above government funding".
"Britain’s future prosperity will be based on its digital technology and no technology can work without cyber security so expanding this sector is critical to our future," said Hancock in a statement.
"It’s fantastic to open this new centre where some of our most talented entrepreneurs and innovative companies will develop the cyber security technology of tomorrow. This will boost London's booming tech sector and benefit businesses across the country."
As a government, Hancock said that it is investing £1.9 billion to protect the UK from cyber threats, and has so far developed a range of free help and guidance for businesses available through the National Cyber Security Centre.