At a time when more than 40% of firms have experienced a cyber-security breach or attack in the last 12 months, the UK is set to become a world leader in eradicating some of the most damaging cyber security threats facing business owners and consumers.
This was announced by Business Secretary Greg Clark on Data Privacy Day last week.
The government believes that both businesses and consumers will benefit from increased security and protections built into the 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.
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Email JaimeBusinesses 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.
Business Secretary Greg Clark, said, “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.
“With businesses having to invest more and more in tackling ever more complex cyber attacks, ‘designing in’ security measures into the hardware’s fabric will not only protect our businesses and consumers but ultimately cut the growing cybersecurity costs to businesses.”
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