Cash-strapped CyberNB forced to shut down
CBC
CyberNB, the province's marquee industry organization set up to promote its growing cybersecurity sector, has run out of money and is shutting down.
Acting CEO Jeremy Depow confirmed Monday that the association won't be able to meet its payroll this Thursday.
That follows a decision by Opportunities New Brunswick, the government's economic development agency, to withhold the last instalment of a two-year transitional funding package for the newly independent non-profit.
"That certainly sped up the process of having to cease operations," Depow said.
All of CyberNB's employees are now looking for work, he added.
"It doesn't appear that CyberNB is able to meet its financial obligations, including to its staff, and therefore is in the process of ceasing operations," he said in an interview.
Depow said staff learned of the cash crunch in the wake of the abrupt departure of CEO Tyson Johnson in December. Johnson gave notice days after CyberNB moved into Fredericton's Cyber Centre, a new building designed to house companies in the sector.
Depow said the shutdown is imminent because the organization can't pay its monthly rent, due Tuesday, to the Cyber Centre.
"Most of the employees are no longer in the building."
He said the impact "will be substantial in terms of its ripple effect.
"It is going to be a big hit to investor confidence in the province when we continually express ourselves as an organization that works together to to attract business and mitigate cybersecurity attacks."
CyberNB was set up by the Liberal government of Brian Gallant in 2016 as a subsidiary of Opportunities New Brunswick.
Two years later, its first managing director, Allen Dillon, and three other senior leaders were pushed out. Dillon was eventually replaced by Johnson.
In 2019, the Higgs Progressive Conservative government decided to turn it into an independent non-profit.
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