The UK government has announced a £70 million investment to improve cyber security. UK business secretary Greg Clark said that the country is on a path to become a global leader in cyber security with the new investment to better protect businesses and consumers facing damaging cyber security threats.
UK’s Industrial Strategy Challenge Fund which will be further backed by investments from the industry will invest £70 million to increase security protections built into digital services IoT devices. The investment’s main aim will be streamline research and development efforts into designing resilient and secure hardware. The research will ‘design in’ security solutions in the device’s hardware while ‘designing out’ several forms of cyber security threats. This will help in the eradication of a significant portion of cyber threats for customers as well as businesses.
All of UK’s businesses rely heavily on digital technology and cyber solutions at one or other point of their operations. The heavy digital dependency reduces costs as well as time; however growing cyber security threats is a huge downside of the digital revolution. 40% of UK businesses in last 12 months have experienced a cyber-threat or breach of some kind. This has alarmed businesses to increase spending on cyber security infrastructure which is currently in the range of 20-40% of their entire IT spending. Apart from business concerns, consumers are the worst affected in an information leak than the organizations holding the data. Home Wi-Fi routers which are easily hackable can be used to attack businesses and services by attackers in the botnets.
Another £30.6 million investment by UK Research and Innovation through its Strategic Priorities Fund is aimed at ensuring internet of things devices are secure and safe. The project is of critical importance as cutting edge innovations in AI-powered internet of things devices increase the vulnerability to more sophisticated cyber-threats.
The government has set ambitious goal for research and development spending which is about 2.4% of the GDP by 2027. This will be the biggest increase in R&D spending in UK’s history. The UK government has formalized a modern Industrial strategy for making UK a global leader in industries. Artificial Intelligence and data is one the central pillars of these future industries which invariably puts cyber security as a fundamental priority for future development. The Grand Challenge envisions a future where UK will be at the forefront of AI revolution by helping different industries boost their productivity through innovative technologies while also ensuring ethical and safe use of data.