Britain to Make £1.9 Billion Cybersecurity Investment
Chancellor Philip Hammond, presenting at Microsoft’s Decoded event, laid out a five-year plan for the UK’s cybersecurity strategy, which will include “striking back” at nation-state attackers.
The new investment nearly doubles the UK’s previous investment in cybersecurity, which started in 2011.
“Cybersecurity 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,” Hammond said in a statement.
As part of its investment, the UK government will be creating a cybersecurity research institute, which has been described as a “virtual collection” of universities. There is also mention of an innovation center, which will aim to foster cybersecurity-related startups.
The plan Hammond unveiled at Decoded includes three parts: defend, deter and develop. It’s a framework that will work toward strengthening protections for the UK and its businesses, proactively hunt those who persist in attacking the UK, while at the same time using the network of universities and the innovation center to invest in the next generation of capabilities and experts.
Events and research suggests such an investment could be well timed. Back in September, Lloyd’s, the UK insurance market, released research that suggested as many as 90 percent of European businesses have experienced some kind of security breach.