Government announces £1.9bn cyber security investment

The government is to investment £1.9 billion in the UK’s cyber security defence to make it “one of the safest places in the world” to do business.

Under a new cyber security plan outlined by the Chancellor, Philip Hammond, the UK will develop a “world-class” cyber strategy to protect businesses, citizens and the economy.

Cyber security is now recognised as one of the greatest threats to business around the world. The global cost of cybercrime is put at $445 billion, according to the World Economic Forum’s 2016 Global Risks Report.

The new plan spells out how the UK will develop automated defences to protect people and businesses, develop a world-class team of cyber experts and deter cyber attacks from criminals.

In a speech, Mr Hammond said cybercrime represents a significant threat to privacy and national security.

“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,” the Chancellor said.

“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.”

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