The UK is set to become a world leader in the race to eradicate some of the most damaging cyber security threats facing businesses and better protect consumers.
Businesses and consumers will benefit from increased security and protections built into digital devices and online services we use every day. This is with the help of up to £70 million in government investment through the Industrial Strategy Challenge Fund and backed by further investment from industry.
This investment will support research into the design and development of hardware so that they will be more secure and resilient from the outset. This aims to ‘design out’ many forms of cyber threats by ‘designing in’ security and protection technology/solutions into hardware and chip designs, ultimately helping to eradicate a significant proportion of the current cyber risks for businesses and services in future connected smart products.
Increasing resilience against evolving threats
With cyber threats constantly evolving, the best defence in the future is seen as developing innovative solutions that can work independently and protect against threats even during attacks. The government wants to ensure that every UK organisation is as cyber secure and resilient as possible.
A further £30 million of government investment will aim to ensure smart systems are safe and secure. Smart internet-connected devices can include anything from operating a central heating thermostat via a smartphone, to pressing a button to unlock the front door. There are expected to be more than 420 million such devices in use across the UK within the next 3 years.
Several parties affected
Nearly all UK businesses are reliant on digital technology and online services, yet more than 40% have experienced a cyber security breach or attack in the last 12 months. Hackable home Wi-Fi routers can be used by attackers in botnets to attack major services and businesses.
Moreover, consumers are often the worst affected by mass information leaks than the organisation that held their data. Businesses are having to spend increasing amounts on cyber security, up to 20-40% of their IT spend in some cases. And as more and more systems are connected, whether, in the home or businesses, there is a need for security that is secure by design.
Source: Open Access Government