The UK is set to become a world leader in the race against some of the most damaging cyber security threats.
Our CEO, Adrian Barrett spoke live on Sky News on Monday, 28th January about the announcement, on the current state of cyber security and how this investment will impact the industry. Watch the full interview here:
This morning, the Government announced their £70 million investment through the Industrial Strategy Challenge Fund to online services and digitally enabled products by investing in the development of UK hardware solutions to complement software solutions. This means that many UK firms who produce hardware could be offered a financial leg-up to strengthen their cybersecurity, empowering the UK to set the benchmark on the protection of consumer data. Initial reports indicate that this new investment to build on UK strengths in cyber security and increase share of a global market is predicted to grow to £39 billion in a decade.
The investment will help fund research into the development and design of hardware, to make them more resilient to outside threats from the outset. This aims to ‘design out’ many forms of cyber threats by ‘designing in’ security and protection technology/solutions into hardware and chip designs.
More than 40% of UK businesses have suffered a cyber security breach or attack in the last 12 months. 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 20-40% of their IT spend in some cases. As more and more systems are connected, whether in the home or businesses, there is a need for security that is dependable by design.
Looking to the future, the government aims for R&D investment to reach 2.4% of GDP by 2027– the biggest increase in public investment in R&D in UK history.
Read the full announcement here from the Government website: http://exo.nr/Gov-Invest-Cyber