The UK is set to establish an anti-cyber threat centre, which involves businesses and government organisations including MI5 and GCHQ.
Aimed at co-ordinating responses towards cyber threats, the initiative is part of the Cyber Security Information Sharing Partnership (CISP), which will offer a forum to share details of techniques used by online hackers and procedures for countering them.
One of the elements will be a web portal, which allows sharing information in real time.
The Cyber Security Information Sharing Partnership (CISP) has been established as part of a 2012 pilot scheme called Project Auburn.
About 80 firms from five sectors of the economy, such as finance, defence, energy, telecommunications and pharmaceuticals came forward to share information, while the pilot expanded to 160 firms.
In a new base in London, huge screens will be installed to oversee attacks and offer detailed information in real-time about the targeted firms.
The centre will also incorporate a group of 12-15 analysts with security clearance.
UK Cabinet Office Minister Francis Maude said cyber attacks are happening on an industrial scale and businesses are by far the biggest victims in terms of industrial espionage and intellectual property theft, with losses to the UK economy running into billions of pounds annually.
"This innovative partnership is breaking new ground through a truly collaborative partnership for sharing information on threats and to protect UK interests in cyberspace," Maude said.
