Meet Lloyds Banking Group, our corporate partner //06.04.20
We spoke with Paul Branley, director of strategy, innovation and testing at Lloyds Banking Group, a founding LORCA corporate partner, about the company’s cybersecurity innovation agenda and how it engages with our scaleup members.
How has cybersecurity moved up your innovation agenda?
Cybersecurity has been a board-level topic within Lloyds Banking Group for many years. Everything we do today is becoming more interconnected – our cities, our homes, our identities and of course our finances. The more people live their lives online, the more opportunities are available for cyber criminals to take advantage of potential weaknesses.
So to keep our customers safe, cybersecurity is at the forefront of our agenda. We want to ensure that we can stay interconnected in a safe way and protect our customers, giving them the best banking experience.
Why do you look towards our innovation community, the scaleups?
Working with scaleups is a great way to learn about new technologies and ideas and it enables us to understand how the external market is developing. Lloyds Banking Group has around 26 million customers and those customers have a variety of banking needs. To meet these needs in an agile way, it’s important for us to partner with scaleups.
In what ways have you been able to shape LORCA’s innovation agenda?
We regularly meet with LORCA to understand how we can support the scaleups in the programme, as well as how they can support us. This includes attending and contributing to the LORCA cohort selection days. We work with other partner organisations to interview innovators interested in being part of LORCA’s programme. The selected innovators will go on to work with LORCA (and its partners) to potentially change the technological landscape.
Why should other corporates collaborate with innovators?
We’re stronger together and by spending time with innovators, we can shape their ideas or solutions to address our own security challenges.
Innovators have a great ability to see the bigger picture and they’re agile enough to be able to work fast. They’re in the middle of a technological revolution and by collaborating with them, both the corporate and the startup or scaleup can learn a great deal from each other.
Through LORCA, we’ve been able to get involved in the Industry Advisory Board, Needs Accelerators and Innovation and Finance Forums. This helps us understand the core issues from different perspectives. By working together, we can understand our industry’s biggest challenges and crystallise our own cybersecurity priorities.
Do you think industry should play a supportive role in growing the UK’s cyber ecosystem?
Yes, it’s important that we continue to build the bridge between startups, scaleups, academia and industry. Startups are best placed to develop in an agile way, while academia is able to provide us with in-depth research into cyber threats. When we combine these with the industry perspective, which provides insights into what corporates are prioritising and the issues they’re facing internally, it creates a solid support system to develop.
What do you hope to get out of LORCA in the future?
We would like to work more closely with LORCA’s international cyber network. LORCA has recently partnered with global innovation platform SOSA, which will help us get access to emerging technologies in New York and Tel Aviv, for example.
Our partnership with LORCA is important to our security innovation agenda. By connecting with LORCA’s innovators, corporates and academic partners, we hope to strengthen our cybersecurity research and innovation platform to create real technological change that will benefit our customers.