The Royal Bank of Canada (RBC) is investing in a new cybersecurity lab and research at the University of Waterloo.
Specifically, the company is financing $1.78 million to help the lab develop advanced cybersecurity and privacy tools.
The projects which will receive funding include:
- A project that detects and mitigates security threats using machine learning and artificial intelligence.
- A project that focuses on safety and security of consumer metadata, including identity and location.
- A project that looks at pure mathematics and computer science that produce a data encryption “so strong that quantum computers cannot crack it.”
- CrytpoWorks21, an education program focused on post-quantum cryptosystems.
CBC News reported that RBC staff will work on-site with the newly-created lab’s researchers for a close, longer-term collaboration.
“One of the things we find with research, especially in this domain, is that we need partners who have the kind of data and experience the real world trials and tribulations of being online, providing services and at the same time, protecting extremely important and valuable data,” said Mark Giesbrecht, University of Waterloo School of Computer Science director.
A release said that the funding will be spread over three years. Giesbrecht revealed that the projects might even attract new investors in the future.
In a release, RBC chief information security officer David Fairman said that the partnership will help the company deal with “increasingly sophisticated cyberattacks.”
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