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Businesses in Wales should seize the opportunities provided by the , the UK鈥檚 innovation agency, to help them develop new products and services.

That鈥檚 the message from the Secretary of State for Wales David Jones MP and comes as Cardiff business, , won a 拢60,000 grant from the board to develop its new hardware-based virtual private network project.

Secretary of State for Wales David Jones MP said:

鈥淭he UK鈥檚 cyber security sector is worth around 拢2.8billion and growing fast - by 2017 it is forecast to be worth more than 拢3.4 billion.

鈥淢any of these companies are concentrated in the Severn Valley - including the Newport and Cardiff areas - and so it鈥檚 great news that Westgate Cyber Security has won this funding.

鈥淲e are in a global race and it鈥檚 critical for Wales to keep at the forefront of innovative technology ideas.

鈥淚 urge Welsh businesses to contact the Technology Standard Board to see how they can support their growth and help them take new products to market.鈥�

Westgate Cyber Security, which advises organisations on network and data protection, was one of seven businesses to win funding out of the cluster of cyber security firms in the Severn Valley.

CEO of Westgate Cyber Security David Jones said:

鈥淲e are delighted to have won this funding from the Technology Strategy Board.

鈥淎ll early stage technology companies face challenges and to have the security of this award will be vital in helping us to begin the development of our new hardware-based virtual private network project.

鈥淐yber threats are a key global challenge and cyber security is poised to be a very strong growth sector for Wales and so it鈥檚 great to see the UK government supporting innovative companies so they can develop new products and services.鈥�

Further information:

A 2013 report by the found that the UK鈥檚 cyber security sector is worth around 拢2.8billion and forecast to be worth over 拢3.4billion by 2017. It also found that some 14% of the cyber security businesses in the UK are concentrated in an area centred on the Severn Valley - covering Newport and Cardiff.

The Technology Strategy Board is the UK鈥檚 innovation agency. Its goal is to accelerate economic growth by stimulating and supporting business-led innovation. Sponsored by the Department for Business, Innovation and Skills, the Technology Strategy Board brings together business, research and the public sector, supporting and accelerating the development of innovative products and services to meet market needs, tackle major societal challenges and help build the future economy.