New York has had a long history of inspiring innovation, attracting ambition and modernising with
the times. It has been a beacon of life for people escaping their home countries, such as the Great
Famine of 1845-52, the Russian Revolution of 1917 and countless warzones across the world. These
flows of people have been depicted in great literature (A view from a bridge & A star of the Sea),
sown into the fabric of the city through culturally rich restaurants and have strived to realise the
‘American Dream’. Additionally, it has also attracted the best and the brightest the world has to offer,
through strong financial institutions and business policies at the core of its spirit. It could be they are
like Nick Carraway looking to understand bond markets (Great Gatsby) or like Andy Warhol
endeavouring to revolutionise the world through art. However, the city has taken a battering from
Covid, as families escaped to other states and countries. The city is a hollowed-out shell of its pre-
pandemic life, with restaurants still lying empty, large office blocks standing in an apocalyptic state
and the shadow of crime blanketing many of its streets. The city of lights is flickering under the
pressure of crumbling infrastructure, a high level of state debt and struggling firms. However, the new
Mayor Eric Adams, has placed his bets on the cybersecurity industry to revitalise New York and
secure its future.
The city plans to catalyse the growth of the cybersecurity industry by opening $100,000,000 in
public-private investment. The aim is to stimulate 10,000 new cybersecurity jobs and develop a new
generation of cyber workers in the creation of the CCNY cyber master’s degree. One of the biggest
challenges of the cyber industry is the acute shortage of cyber professionals and with New York
expanding the scope and size of cyber courses, it will go some way in filling some of the shortage in
the long run. New York is uniquely placed to embrace the changing winds of modern times, as it has a
developed tech industry, one of the most sophisticated financial plumbing in the world and an
integrated ecosystem of business, government and universities. In addition, the cyber threat landscape
is constantly changing, with sophisticated attacks becoming more frequent and impactful. The
digitalisation of the economy will only open more aspects of life to the malign intentions of hackers
and ransomware. However, even with New York wounded in its ongoing fight with Coronavirus
variants old and new, it remains one of the most attractive places for business in the world. Just as all
roads led to Rome, all fibre optic cables could gravitate to New York. In nurturing cyber-security
industries, the city will become the champion of the fight in securing our digital footprint and form
the vanguard against future threats. Equally, having a strong domestic cyber-industry in New York
will attract new businesses, looking to benefit from economic conglomeration and to have closer links
to the firms securing their own business. Therefore, Eric Adams is not only helping build up the
nation’s capacity to mitigate cyber risk but could also trigger the crowding in that New York so dearly
needs. For the cities lights to remain on, the big apple may have to go blue.
To conclude, cyber-security will form an essential part of the world economy. It is already shaping to
be one of the most innovative and modern of industries, fostering growing companies with ballooning
valuations. The Mayor of New York has a big job on his hands but helping create the right conditions
for the cyber industry to grow is one solution with a large multiplier effect. New York is a great city
with a proud history, if it wants to continue to attract the brightest people, it will need to first make it
home to the industries of the future.
Written by Henri Willmott