UKFeb 15 2017

Chancellor pledges £1.9bn to target cyber crime

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Chancellor pledges £1.9bn to target cyber crime

The "technological revolution" which sees more people live their lives online is a source of vulnerability, the Chancellor of the Exchequer has said, as he announced government funding to tackle it.

Speaking at the launch of the National Cyber Security Centre, Philip Hammond said the government is ready to invest money in Britain’s online defences.

He said the internet revolution had transformed the country’s economy and holds the promise of future growth, but there were also challenges.

Mr Hammond said: “The development of artificial intelligence heralds a technological revolution that will fundamentally change our lives.

“But it will also disrupt existing patterns of work, life, and society.

“The fact is that the greater connectivity that will enable the development of the digital economy. Is also a source of vulnerability.

“And those who want to exploit that vulnerability have not been idle.

“The cyber attacks we are seeing are increasing in their frequency, their severity, and their sophistication. In the first three months of its existence, the NCSC has already mobilised to respond to attacks on 188 occasions.”

The NCSC was launched to provide advice and support to the public and private sector on how to avoid cyber threats.

Mr Hammond said that with 83 per cent of UK businesses online, the most common threat they faced were the less sophisticated, mass targeted attacks, from phishing to email viruses.

He said: “The NCSC will play a unique and crucial role bringing together the public and the business community on the one hand, and our intelligence and security agencies on the other.”

Mr Hammond said the government is investing £1.9bn in improving Britain’s cyber defences.

damian.fantato@ft.com