Major businesses including Google and Microsoft are backing the UK to become a world leader in tackling the most damaging cybersecurity threats, helping to ensure the UK remains one of the safest places to do business online.
Up to £117m expected private industry investment will be combined with £70m government investment through its modern Industrial Strategy to develop new technologies. These will range from a new and secure hardware prototype that can cope with cyber-attacks, to software protected from new vulnerabilities appearing online – each to ensure that every UK organisation and consumer online is as secure and resilient to cyber threats as possible.
With cyber threats constantly evolving, the best defence in the future is seen as developing innovative solutions that can work independently and protect against threats even during attacks. The government wants to ensure that every UK organisation is as cyber secure and resilient as possible.
Nearly all UK businesses are reliant on digital technology and online services, yet more than 30% have experienced a cyber-security breach or attack in the last 12 months. Hackable home wifi routers can be used by attackers in botnets to attack major services and businesses.
Consumers are often the worst affected by mass information leaks than the organisation that held their data. Businesses are having to spend increasing amounts on cyber security, up to 20 to 40% of their IT spend in some cases. And as more and more systems are connected, whether in the home or businesses, there is a need for security that is secure by design.
Business Secretary Greg Clark said: “Digital devices and online services are powering more of our daily lives than ever before, from booking a doctors’ appointment to buying online shopping. While these devices and services bring great benefits to businesses and consumers, they come with the associated risks of cyber-attacks and threats that are becoming increasingly complex to tackle.
“As we move to a more data-driven economy, nearly all UK businesses and organisations are reliant on these digital technologies and online services – but the threat of cyber-attacks is ever-present, with more than 30% of businesses having experienced a cyber-security breach or attack in the last 12 months.
“With government and industry investing together as part of our modern Industrial Strategy, we will ensure that the UK is well placed to capitalise on our status as one of the world leaders in cyber security by ‘designing in’ innovative measures into our technology that protect us from cyber threats. This will also help us bring down the growing cybersecurity costs to businesses.”