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UK to boost cyber security with substantial investment

Xinhua, November 1, 2016 Adjust font size:

Britain's new National Cyber Security Strategy will be underpinned by a hefty investment of 1.9 billion pounds (about 2.28 billion U.S. dollars), according to a statement released Tuesday by the government.

The new plan sets out measures that are aimed to protect Britain's economy and the privacy of its citizens, while encouraging industry to up its game to prevent damaging cyber-attacks, said the statement.

Cyber security is recognized as one of the greatest threats to business around the world, with the global cost of crimes in cyberspace estimated at 445 billion U.S. dollars, according to the World Economic Forum's 2016 Global Risks Report.

The responsibility that CEO's have to make sure their organizations are secure against cyber-attacks and the additional support government will give industry and wider society through the new National Cyber Security Center, said Britain's Chancellor of the Exchequer Philip Hammond in the statement.

Almost doubling the funding commitments of the first strategy which ran from 2011, the government will step up efforts in three key areas, including defence, deter and develop, under the new plan, according to the statement.

For example, the new plan places strong emphasis on developing Britain's capabilities to keep pace with cyber threats. The country will create its first cyber security innovation center, and launch a Cyber Innovation Fund next year to develop new technologies and products.

"Our new strategy, underpinned by 1.9 billion pounds of support over five 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," said Hammond in the statement. (1 pound = 1.2 U.S. dollars) Endit