The UK government has thrown its support behind cyber security firms in a bid to grow exports of their products and services.

The government has published a guide for security firms on how it is planning to support their efforts overseas. The project comes as the UK government aims to expand growth within the sector to reach £2.6 billion by 2021. Secretary for international trade Liam Fox said that the accelerated pace of digital change brings a great opportunity to promote the UK’s cyber security expertise to international markets.

“Exporting to existing and new markets will help build a Britain that is fit for the future,” he wrote in the foreword to the Department for International Trade’s cyber security export strategy. “Cyber space is an important and expanding part of our economy.”

“Recent events show that the UK faces a diverse range of threats from hostile state actors. So in an increasingly digital world, it’s vital that we improve our cyber capabilities, which are crucial for national security and prosperity”.

He added: “The strategy I am publishing today will support UK companies to export our world-leading cyber security expertise, which will help strengthen our capabilities, and protect our country and our allies from those who wish us harm”.

Fox, who also heads up the Board of Trade, said that the government will strengthen its relationships with UK firms with innovative cyber security offerings. The government said the strategy will deliver a ‘tailored experience’ for overseas buyers based on trusted insight, and help UK cyber security companies showcase their capability.

The strategy also states that financing will be granted by the UK’s export credit department UK Export Finance (UKEF). UKEF helps UK companies win export contracts by providing attractive financing terms to their buyers; fulfill contracts by supporting working capital loans; and get paid by insuring against buyer default.

Source: PCR Magazine