RBC announced Jan. 29 that it is opening a cyber security lab and investing $1.78 million into research at the University of Waterloo to develop advanced cybersecurity and privacy tools.
Malicious attacks and botnets
Online malicious attacks and botnets have become increasingly sophisticated and targeted as people share more and more personal data online, says the bank.
The funding will support researchers in the David R. Cheriton School of Computer Science and the Department of Combinatorics and Optimization at Waterloo's Faculty of Mathematics.
In addition to the new RBC cybersecurity lab for the financial sector within Waterloo's William G Davis Computer Research Centre, the funding will support research on data-driven software defined security, which is focused on detecting and mitigating security threats using machine learning and AI. The funding will also support research on privacy enhancing technologies, focused on the safety and security of consumer metadata, including identity and location.
Research into post-quantum cryptography will also be funded. This research led by David Jao “will focus on a unique blend of pure mathematics and computer science that produces a data encryption so strong that quantum computers cannot crack it,” says RBC.
"Collaborating with the University of Waterloo's Faculty of Mathematics and their pool of talented researchers will give us more brain power to continually develop Canadian talent to support the demands of the cyber security industry," said David Fairman, Chief Information Security Officer, RBC. "This partnership is important to RBC as we'll be able to leverage Waterloo's unique capabilities in mathematical science as it applies to tackling increasingly sophisticated cyber attacks."