The UK will be one of the safest places in the world to do business, with a world-class cyber security industry and workforce thanks to a new plan underpinned by £1.9 billion of investment.
The Chancellor, Philip Hammond has formally launched the government’s new National Cyber Security Strategy, which will set out decisive action to protect the UK economy and the privacy of British citizens, while encouraging industry to up its game to prevent damaging cyber-attacks.
Almost doubling the funding commitments of the first strategy which ran from 2011, the new plan outlines:
- how the UK will use automated defences to safeguard citizens and businesses against growing cyber threats
- support the UK’s growing cyber security industry
- develop a world-class cyber workforce
- deter cyber-attacks from criminals and hostile actors
Cyber security is recognised as one of the greatest threats to business around the world, with the global cost of crimes in cyberspace estimated at $445 billion, according to the World Economic Forum’s 2016 Global Risks Report.
Measures within the new National Cyber Security Strategy to keep the UK’s cyberspace safe are therefore crucial to the future of the UK’s economy.
Outlining how cyber security underpins our daily lives such as through domestic devices in our homes and cars, air traffic control and power grids, the Chancellor reinforced how the threat of attacks invade our privacy and threaten our national security and set out how the government plans to deal with it.
The approach on cyber is a core part of the upcoming Industrial Strategy.
He explained how increasingly vulnerable society is to cyber-attacks thanks to the expanding range of connected devices which are creating more opportunities for exploitation; more demand for training and skills; old legacy IT systems used by many organisations in the UK and the readily available suite of user-friendly hacking tools which means everyone from the living room to the boardroom is exposed to malicious hackers.
The Chancellor also emphasised the responsibility that CEO’s have to make sure their organisations are secure against cyber-attacks and the additional support government will give industry and wider society through the new National Cyber Security Centre.
Chancellor of the Exchequer, Philip Hammond said:
“Britain is already an acknowledged global leader in cyber security thanks to our investment of over £860 million in the last Parliament, but we must now keep up with the scale and pace of the threats we face. Our new strategy, underpinned by £1.9 billion of support over 5 years and excellent partnerships with industry and academia, will allow us to take even greater steps to defend ourselves in cyberspace and to strike back when we are attacked.”