The UK government has announced a significant investment aimed at mitigating business cyber threats.
Through the Industrial Strategy Challenge Fund, the government will allocate up to £70 million to enhance the security of hardware and digital devices, ensuring resilience from the outset.
Investment Details
The UK is focused on becoming a leader in cybersecurity by addressing and removing cyber threats from businesses. Business Secretary Greg Clark announced that up to £70 million will be invested through the Industrial Strategy Challenge Fund, supplemented by further industry investments. This initiative is set to fund research and development in hardware design, with a goal to make businesses more secure from the ground up.
The investment is aimed at ‘designing out’ cyber threats by integrating security measures directly into hardware and chip designs. This proactive approach will enable businesses and consumers to benefit from enhanced security protocols embedded in digital devices and online services.
Smart System Security
In addition to the primary investment, the government is set to spend an extra £30 million on ensuring the safety of smart systems. These investments target internet-connected devices designed to complement modern living, such as smart thermostats and door locks, that are becoming increasingly prevalent in households and businesses across the country.
With projections indicating over 420 million connected devices in the UK within three years, this funding aims to mitigate significant cyber risks associated with such technology.
Impact on Businesses and Economy
Business Secretary Greg Clark highlighted the potential impact of these investments: “This could be a real step-change in computer and online security, better protecting businesses, services and consumers from cyber-attacks resulting in benefits for consumers and the economy.”
By integrating security within the hardware, businesses could significantly reduce the cost of tackling complex cyber threats, adding another layer of protection for both consumers and the economy.
Focus on Diversity in Cybersecurity
The government is also pushing for more diversity in the cybersecurity sector. Four new projects across England will focus on encouraging women, BAME, and neurodiverse candidates to pursue careers in cybersecurity. These projects will share a total investment of at least £500,000, aimed at developing a skilled and diverse workforce.
Digital Minister Margot James stated, “Our cyber security industry is thriving but to support this growing success we need a skilled and diverse workforce to match.”
Government’s Commitment to R&D
The government plans for research and development (R&D) to reach 2.4 per cent of GDP by 2027, marking the largest increase in public investment in R&D in UK history.
This commitment underscores the critical importance of R&D in driving advancements in cybersecurity, helping to safeguard businesses and consumers against evolving digital threats.
Training and Education Initiatives
Four specific projects have been announced: Crucial Academy: Diversity in Cyber Security, QA: Cyber Software Academy for Women, Blue Screen IT: HACKED, and Hacker House Ltd: Hands on Hacking, Training and Employer Portal.
These initiatives aim to provide hands-on training and create employment portals that will foster a more inclusive environment within the cybersecurity sector. The objective is to attract a diverse pool of talent, ready to tackle the challenges of modern cybersecurity.
Future Prospects
With these investments and initiatives, the UK government hopes to position itself as a formidable force in cybersecurity. By ‘designing out’ cyber threats from the ground up and fostering a diverse talent pool, the country aims to set a global benchmark in digital safety and resilience.
The UK government’s substantial investment in cybersecurity signifies a proactive approach to safeguarding businesses and consumers from digital threats.
By focusing on integrating security measures from the outset and enhancing diversity in the workforce, the initiatives set a strong foundation for a secure and resilient digital future.
