Cybersecurity firm Centripetal plans to create 50 jobs in Galway as it opens its European Cyber Intelligence Centre of Excellence to address cybersecurity opportunities in the UK, Ireland and across Europe.

The project is supported by IDA Ireland.

The cybersecurity market in Ireland is valued at €280m.

Grant Thornton Ireland reports that the cost of cybercrime in Ireland exceeded €9.6 billion in 2020.

With the opening of Centripetal's new Galway office, the US company said it plans to bring its technologies to the European market to protect organisations from every known cyberthreat.

"Centripetal is the only cybersecurity vendor that delivers intelligence powered protection that neutralises every known cyberattack at the network level while simultaneously driving down the cost of security operations," said Jonathan Rogers, the company's chief operating officer for Centripetal.

"Our innovative technology is an industry first and we're thrilled to be partnering with the IDA to bring our solution to Ireland and the UK to not only provide unparalleled protection for our customers but also valuable employment opportunities for the country," he added.

"The news that Centripetal is to open a European Cyber Intelligence Centre of Excellence in Galway is great news for the West Region and this investment will support the development of the wider technology ecosystem in Ireland for cyber," said Anne-Marie Tierney Le-Roux, Head of Department Enterprise Technology at IDA Ireland.

"The creation of 50 jobs is a vote of confidence in the talent and skill set that our regional locations in Ireland have to offer," she added.

"Today's jobs announcement is yet another vote of confidence in Galway, in our available skilled workforce and in our city and county as a great place to work and live," Minister Hildegarde Naughton said.

"Galway was home to a number of significant investment announcements last year including Fidelity Investment, Genesys, SAP and Diligent, so Centripetal are certainly in good company," the Minister added.