LONDON, Nov. 1 (Xinhua) -- A 2.32-billion-U.S.-dollar investment in a world-class cyber security project was announced Tuesday by Britain's Chancellor of the Exchequer Philip Hammond.
Treasury officials in London said the investment will transform Britain into one of the safest places in the world to do business.
Hammond formally launched the government's new strategy which sets out action to protect the British economy and the privacy of British citizens. The strategy will also encourage industry to up its game to prevent damaging cyber-attacks.
The new investment almost doubles the funding commitments of the first strategy introduced in 2011.
A spokesman for the Treasury said: "Cyber security is recognized as one of the greatest threats to business around the world, with the global cost of crimes in cyberspace estimated at 445 billion U.S. dollars, according to the World Economic Forum's 2016 Global Risks Report.
"Measures within the new National Cyber Security Strategy to keep Britain's cyberspace safe are therefore crucial to the future of the country's economy."
Hammond, speaking in London, outlined how cyber security underpins daily lives such as through domestic devices in homes and cars, air traffic control and power grids. He reinforced how the threat of attacks invade privacy and threaten national security.
He explained how increasingly vulnerable society is to cyber-attacks thanks to the expanding range of connected devices which are creating more opportunities for exploitation; more demand for training and skills; old legacy IT systems used by many organisations in the UK and the readily available suite of user-friendly hacking tools which means everyone from the living room to the boardroom is exposed to malicious hackers.
The Chancellor also emphasized the responsibility that CEOs have to make sure their organisations are secure against cyber-attacks and the additional support government will give industry and wider society through the new National Cyber Security Center.
Hammond said: "Britain is already an acknowledged global leader in cyber security thanks to our investment of over 860 million pounds (1.05 billion U.S. dollars) in the last parliament, but we must now keep up with the scale and pace of the threats we face."
"Our new strategy, underpinned by 1.9 billion pounds of support over 5 years and excellent partnerships with industry and academia, will allow us to take even greater steps to defend ourselves in cyberspace and to strike back when we are attacked," said Hammond.
Ben Gummer, government minister for the Cabinet Office, said: "No longer the stuff of spy thrillers and action movies, cyber-attacks are a reality and they are happening now. Our adversaries are varied - organised criminal groups, 'hactivists', untrained teenagers and foreign states."
"The first duty of the government is to keep the nation safe. Any modern state cannot remain secure and prosperous without securing itself in cyberspace. That is why we are taking the decisive action needed to protect our country, our economy and our citizens," said Gummer. (1 pound = 1.22 U.S. dollars)
