1 February 2019 | Herpreet Kaur Grewal
The UK is planning to invest up to £70 million in cybersecurity in a bid "to eradicate some of the most damaging cyber threats facing businesses", says the government.
Making the announcement this week, business secretary Greg Clark said he wanted the UK to "become a world leader in designing out many forms of cyber threats to online services and digitally enabled products by investing in the development of hardware solutions to complement software solutions".
The £70 million will be invested through the government's Industrial Strategy Challenge Fund and backed by further investment from industry.
A further £30 million of government investment will be aimed at making sure that smart systems are safe and secure. Smart internet-connected devices can include anything from operating a central heating thermostat via a smartphone, to pressing a button to unlock the front door. There are expected to be more than 420 million such devices in use across the UK within the next three years.
Clark added: "This could be a real step change in computer and online security, better protecting businesses, services and consumers from cyberattacks and bringing benefits to all sectors of the economy."
Nearly all UK businesses are reliant on digital technology and online services, yet more than 40 per cent have experienced a cybersecurity breach or attack in the past 12 months.