The Chancellor of the Exchequer, Philip Hammond, is today expected to warn UK citizens of the increasing threat of cyber attacks as people bring more IoT and smart devices into the home and businesses continue to rely on legacy systems.
The Chancellor is set to formally launch the UK government’s Cyber-Security Strategy, with Mr Hammond expected to announce plans to boost automatic defences to stop hackers hijacking websites or spoofing official domains. Although Hammond will set out the finer details of the cyber security plan in a speech later today, other areas expected to be expanded include defences that intercept malicious email and methods to stop online bank fraud.
Some of the proposed investment into the National Cyber Security Strategy is also expected to go towards expanding specialist police units, as well as towards education and the training of cyber security experts.
The £1.9bn investment into the scheme was allocated last year and will fund the programme until 2020. Some of the money has already been spent, with automated systems that limit the spread of malware already developed. The money has also been used to recruit more than 50 specialists who will work at the National Crime Agency, while other projects aimed at areas such as tax fraud have already been deployed.
Mr Hammond, ahead of the formal launch, said: “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.
“Our new strategy, underpinned by £1.9 billion of support over five years and excellent partnerships with industry and academia, will allow us to take even greater steps to defend ourselves in cyber-space and to strike back when we are attacked.”
Future spending will see the establishment of the Cyber Security Research Institute, which will bring together UK university researchers to work on cyber defences. Start-ups focused on security will be aided by an innovation fund, while a national scheme to find cyber security talent will also be set up.
