Georgia the Epicenter of FinTech, Cybersecurity Evolution Amid COVID-19
In just one month’s time, COVID-19 has altered almost every aspect of American life. From countless companies shifting to working from home, to making online purchases instead of in-store – the way we carry out business transactions has changed rapidly. And these significant changes to the world of transactions are likely lasting ones.
While COVID-19 has presented numerous unforeseen challenges, it also presents the state’s diversified FinTech and cybersecurity industries with an opportunity to pivot strategies, innovate and grow.
At the Georgia Department of Economic Development (GDEcD), we’re maintaining our focus on unique opportunities for advancement and expansion to help ensure that our state remains well-positioned to weather the pervasive economic impacts of COVID-19.
Protecting Businesses and Increasing Accessibility
Across the country, both the private and public sectors have transitioned to teleworking options to help mitigate the spread of COVID-19; and cybersecurity has arguably never been more important. The need for staying connected and secure during this pandemic has launched companies and agencies into making much-needed investments in cybersecurity and teleworking, creating further opportunity for innovation and solutions-oriented businesses to emerge from COVID-19’s wake.
Companies such as Fortune 500 Microsoft Corp., worldwide leader in software, services, devices, and solutions, have made their services such as “Teams” and Office 365 free to businesses navigating a new normal of the majority of their office employees teleworking. Microsoft Corp.’s long-term investments in technology have put them in a unique position to continue growing, even while facing challenges of a global pandemic.
For example, Governor Kemp and GDEcD announced just last week that Microsoft Corp. will bring 1,500 new high tech jobs and a $75 million investment to Atlantic Station in Midtown Atlanta. In expanding their Atlanta presence, Microsoft will focus on artificial intelligence (AI) and cloud services, with a variety of positions available across multiple skill sets.
Continuing to Innovate
When interviewed by BisNow about Microsoft Corp.’s Atlanta expansion, John Boyd, principal of The Boyd Co. and site-selection consultant said, “Atlanta is in the big leagues. Anytime you get an endorsement from Microsoft, that's huge. This Microsoft project could have easily gone to Austin. This is a major win."
This win stems from the major investments that both the State of Georgia and the City of Atlanta have made in tech over the past several years. For example, the state’s skilled workforce and continued investment in tech have attracted more than 115 cybersecurity industries to Georgia, generating more than $5 billion annually. As one of the nation’s most elite cybersecurity hubs, Georgia currently ranks No. 3 in the U.S. for information and data security.
The Atlanta Tech Village is the fourth largest tech hub in the nation. Not to mention, Midtown has emerged as the epicenter of tech growth and development.
Roughly 160,000 people work in cyber-related industries in Georgia, and more than 41,000 students are currently enrolled in cyber-related majors in the University and Technical College Systems of Georgia. As our Department continues to attract a broad range of companies and services to come to the state, we expect this number to increase in the long-term.
And investments in Georgia’s education options are only growing. In 2018, the Georgia FinTech Academy was officially launched. This collaborative talent development program between the state’s FinTech industry and the University System of Georgia gives students specialized educational experiences needed to enter the FinTech sector regardless of where they live in the state or the college they attend.
As both our Department and our state’s talent continue to attract a broad range of companies and services who make Georgia home, we expect workforce numbers and areas of expertise to continue their expansion.
Returning to Work Safely
With dual headquarters in both Atlanta and Columbus, Global Payments is renowned for their ability to provide cutting-edge payment technology and software solutions to millions of customers around the world. Once again, Global Payments is at the forefront of innovation, but this time it’s for setting a new standard for returning to work healthily and safely.
Global Payments is doing their part to help keep the local economy moving and has begun transitioning their employees back to their offices by implementing safety measures to ensure the health and well-being of its employees, while also keeping their workplace functioning. Their plans include, but aren’t limited to, contactless temperature checks required at entry, assigned staggered arrival times by floor and maintaining six-foot distances at all times. Additionally, they are making significant investments in facility cleaning machines and cleaning services up to four times a day. Global Payments is also providing masks to every employee, encouraging them to be worn in groups and in common areas and also requiring employees to use hand sanitizer and disinfect electronics upon arrival to the office.
Recently, Governor Kemp visited Global Payments in Columbus to learn more about their reopening plans firsthand and to commend the company’s leadership team for being one of the first big Georgia businesses to bring their team members back to work in a smart and safe manner.
Protecting Military Networks
Georgia agencies and companies also play a large role in protecting our nation’s military networks against cyberattacks or other computer intrusions from enemy forces. Thanks to this global pandemic, the need for digital security and protection has only increased.
Fort Gordon in Augusta is currently one of four U.S. Army Cyber Command (ARCYBER) centers in the United States, but in 2022, the installation will become ARCYBER headquarters. ARCYBER’s key missions include operating and aggressively defending the U.S. Department of Defense Information Network, delivering offensive and defensive cyberspace effects against adaptive adversaries, and rapidly developing and deploying cyberspace capabilities to equip our forces for future fights.
Strategically located in Augusta, the $100 million Georgia Cyber Center is the single-largest investment in a cybersecurity facility by a state government to-date. Designed in 2017 to meet the growing need for cybersecurity talent, both domestically and internationally, the center is a first-of-its-kind public and private partnership involving academic, state and federal governments, law enforcement, the U.S Army and the private sector.
The Cyber Center continues to attract investments and opportunities from private-sector partners from across the United States. For example, in June 2020, Governor Kemp announced that Perspecta Inc. (PRSP), a leading U.S. government services provider, is opening a regional office at the Georgia Cyber Center. This investment will create 178 jobs in Richmond County and the surrounding area in support of the U.S. Army Cyber Command (ARCYBER) at Fort Gordon. The company chose to establish a presence at the Georgia Cyber Center and surrounding area because of ARCYBER’s headquarters relocation to Fort Gordon. Perspecta opening a regional office in Augusta will create local job opportunities for engineers, analysts, investigators, and solution architects.
U.S. Army’s brand-new Cyber Command headquarters continues to make a tremendous impact on our state’s economy. The Aiken Standard recently reported that more than 32,000 people currently work at Fort Gordon; and according to Major General Neil S. Hersey, Commanding General of the Cyber Center of Excellence and Fort Gordon, that number is expected to increase to up to 37,000 by 2028. Hersey also estimates that Fort Gordon’s economic influence will increase from $2.4 billion annually to well over $3 billion.
The transformative development of the Center, taking place in phases, also continues to create jobs and opportunities in different fields and at various skill levels. For example, over the next several years, Hersey estimates an additional $1.6 billion investment in Fort Gordon’s infrastructure and construction.
Innovating Payments
With social distancing guidelines in place in nearly every country across the world, there has been a sharp rise in demand for contactless payment options and ecommerce solutions. Companies across all industries are looking for ways to reduce human interaction in an effort to keep their employees and customers safe.
The use of digital and contactless payment options was recommended this spring by health experts to help limit exposure to COVID-19. Since then, multiple Georgia companies, including Global Payments, The Home Depot and Waffle House, have rolled out or expanded contactless payment options and services to its customers. As traditional forms of payment processing come to a temporary slowdown, the payment processing sector of FinTech has been met with a unique opportunity to create easier, more efficient ways for companies to rapidly adapt contactless processes.
Seventy percent of all financial transactions in the U.S. pass through Georgia. Both headquartered in Atlanta, known as “Transaction Alley,” companies like NCR and InComm continue to innovate and create seamless commerce experiences for retailers and brands. With a rich 135-year history, NCR is famously known for inventing the electronic cash register, the magnetic credit card strip, and self-check-out machines. Today, NCR continues to innovate, and make transactions easier for both businesses and consumers. During COVID-19, NCR has been publishing countless resources and tips for businesses to help ensure that they’re operating safely and efficiently while adhering to social distancing guidelines.
InComm offers a wide range of services to customers, including prepaid cards and switch payment processing, handling more than $50 billion worth of transaction volume annually. Specializing in items such as digital gift cards, InComm has helped countless businesses provide consumers with a new contact-free way of gift giving. From graduation presents to Mother’s Day gifts, InComm recently reported that the digital gift card market has been trending upward as consumers look for alternative contactless options to celebrate their loved ones.
Based out of the United Kingdom and with offices in Atlanta, HubBox, is also changing the way consumers receive their packages. Hub Box has partnered with Atlanta-based United Parcel Service (UPS) and launched their “Click and Collect” platform, which gives consumers the option to pick up their packages from a centralized, secure location. This convenient and secure new way of package collection has helped increase online sales. HubBox reported that customers who know they have a safe and secure delivery option are more likely to add more items to their “cart.” This has helped businesses continue to generate revenue while adjusting to COVID-19’s unforeseen impacts.
Remaining Competitive
COVID-19 has made it explicitly clear that tech will continue to play an integral role in nearly every aspect of our lives in the years to come. In a recent op-ed in the Atlanta Journal-Constitution, President and CEO of the Technology Association of Georgia Larry K. Williams referred to Georgia as being on the vanguard the new digital economy that COVID-19 has shaped, and that “The technology sector is proving that, in tough times, it’s now crucial to the operation of our society at large while also providing steady employment to individuals with the right skill set.”
Georgia’s skilled workforce, pro-business environment, and continued investment in tech will help our state remain competitive in the months and years to come. We know that tech is not going away any time soon, and will continue translating that knowledge into jobs and enterprise opportunities for Georgians.
Posted: May 29, 2020; Updated: June 19, 2020 at 9 a.m.