Scotiabank donates $2 million to UBC for cybersecurity research

Scotiabank Storefront - Scotiabank cybersecurity

Scotiabank recently announced a $2 million donation to UBC to support the institution’s research in cybersecurity and financial risk.

With this investment, the Scotiabank Cybersecurity and Risk Analytics Initiative will support educational resources including internships, speaker series, engagement activities and hackathons, to better understand the risk of cyberattacks posed to Canadian businesses. 

Many recent reports indicate that while Canadian businesses acknowledge the need for a more refined cybersecurity strategy within their organizations, the majority of them admit to being vulnerable to attacks at this point in time.

“Data theft costs organizations billions of dollars a year worldwide, and cause psychological and social harm for individual customers. The Scotiabank Cybersecurity and Risk Analytics Initiative at UBC will advance the industry’s collective understanding of how to further protect digital assets,” said Michael Zerbs, chief technology officer of Scotiabank, in a statement.

UBC researchers Konstantin Beznosov and Hasan Cavusoglu and statistics professors John Braun, Natalia Nolde and Harry Joe will lead the initiative at UBC. 

In addition, this donation will support theCreative Destruction Lab West (CDL West) at the UBC Sauder School of Business. 

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