The cyber-security business in the San Diego region has an economic impact of $1.5 billion annually, according to a report scheduled to be released Thursday.

The report was compiled by the San Diego Regional Economic Development Corp., Sentek Global and Bank of America. It says the region is positioned to experience substantial job creation in the industry, outpacing other local business sectors.

San Diego Economic Development Corp. homepage. Image from sandiegobusiness.org

In response, the launch of a public-private partnership called the Cyber Center of Excellence will be announced at a news conference that will include, among others, Rep. Susan Davis, D-San Diego; Rep. Darrell Issa, R- Vista; Rep. Scott Peters, D-San Diego; and San Diego Mayor Kevin Faulconer.

The center will connect cyber-related companies with military leaders and academic partners to pursue a common strategy to promote the region’s cyber strengths.

Cyber-security has emerged as a national priority as global retailers, medical providers, and critical infrastructure fall prey to significant data breaches and theft, according to the report.

In a recent, high-profile data breach, Target reported that 40 million credit and debit card accounts were compromised between Nov. 27 and Dec. 15, and that hackers stole names, phone numbers, and email and mailing addresses from as many as 70 million customers.

The loss not only impacted the individual customers but also tarnished the chain’s image. The company reported U.S. sales declined 6.6 percent in the fourth quarter of last year.

— City News Service

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