Deloitte report highlights Toronto, Ontario's rise as a cybersecurity and fintech innovation hub

Deloitte ranked Canada's cybersecurity sector fourth in venture capital deal flow from 2012 to 2016. The report concludes that Ontario, where SMEs have received $250 million+ in VC funding from 2011-15, has all of the ingredients to become a global hub for cybersecurity innovation.

Financial services inextricably tied to cybersecurity

The increasingly sophisticated nature of cybersecurity threats to financial services institutions is driving demand to improve core capabilities and secure emerging technologies to thwart the next potential wave of cyber criminals, hacktivists and terrorists. Juniper Research estimated the global cybersecurity market at $106 billion in 2015, and Deloitte predicts it will grow 10% annually through 2020.

Toronto-Waterloo Corridor capitalizing on industry growth

At the heart of North America's second largest IT cluster, the Toronto-Waterloo corridor's standing as a global financial services centre and a renowned source of engineering talent has positioned Ontario as one of the world's leading fintech and cybersecurity innovation hubs.

Related: Welcome to the epicenter of fintech innovation

"Given the risks that cybersecurity poses to all businesses, but particularly to the financial services industry, this is good news. Canada's financial industry has an international reputation for stability, safety and growth. And it is headquartered right here in the Toronto-Waterloo innovation corridor, among one of the largest technology hubs in North America."

– Janet Ecker, President and CEO of Toronto Financial Services Alliance (TFSA)

Why is the fintech world turning to Ontario?

One obvious advantage Ontario has over the U.S. is the proximity of its largest IT cluster to its financial services and national government nerve centres. Silicon Valley serves markets located predominantly on the opposite side of the continent, while the Toronto-Waterloo corridor is conveniently located along a 100 km stretch of highway just north of major U.S. centres such as Chicago, New York, and Boston.

But there are several additional compelling reasons:

  • Toronto is North America's 2nd largest financial services hub.
  • Canada has one of the world's soundest banking systems.
  • Canada's five largest banks are headquartered in Ontario
  • 280,700 people work in 20,000 IT firms in Ontario, which is roughly half of Canada's IT workers.
  • The Toronto and Kitchener-Waterloo regions in Ontario are largely considered two of the largest start-up ecosystems in the world.

It's no wonder leaders in global technology and fintech are drawn to Ontario to develop, test and showcase new technologies.

Learn more about Ontario's emerging hotbed of fintech and cybersecurity innovation

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