Business Secretary Vince Cable is set to announce today new government funding that will help businesses in the UK cyber sector grow, collaborate and develop new solutions to tackle cyber threats.
Speaking at the first ever US-UK Global Cyber Security Innovation Summit in London, Mr Cable will announce a £4 million competition for UK cyber businesses to develop ideas to tackle threats to cyber security. The Business Secretary will also announce the appointment of a cyber security small business champion alongside funding for projects designed to drive growth and innovation in the sector. The funding will be awarded to the firms with the best ideas by the Technology Strategy Board, the government’s innovation agency.
Ahead of the summit, Business Secretary Vince Cable said: “The growth of the cyber security sector in the UK is a great success story, worth over £6 billion and employing around 40,000 people. Building a strong and resilient cyberspace in the UK is central to ensuring that our companies can make the most of business opportunities online, whilst avoiding potentially costly threats to the information they hold and the services they provide.
The importance of cyber security to UK businesses
The growth of the internet has transformed everyday lives and is a vital part of the UK’s economy. The internet-related market in the UK is worth an estimated £82 billion a year and British businesses earn £1 in every £5 online.
Cyber attacks are now categorised as a Tier One threat to the UK’s national security as in 2013, 81% of large corporations and 60% of small businesses reported a cyber breach. Funding is now more important than ever to protect UK businesses of all sizes.
The Business Secretary continued: “Maintaining innovation and growth requires continued investment. Committing a further £4 million will help businesses of all sizes turn their ideas to counter cyber threats into reality. Partnering with industry experts will also increase the opportunities for the UK’s small cyber companies to work together and grow their businesses.”
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