Osborne announces cyber support for British businesses

An announcement of note this morning when the Chancellor of the Exchequer confirmed overnight reports that the UK Government is to increase spending on tackling cyber crime by £1.9 billion over the next five years   

 Chancellor George Osborne 

Chancellor George Osborne 

Speaking at the GCHQ listening hub in Cheltenham, George Osborne outlined details of a new National Cyber Security Plan which, he said, would protect the country from a “rising tide of online attacks.”

He said: “It is a bold, comprehensive programme that will give Britain the next generation of cyber security, and make Britain one of the safest places to do business on line.  

“It will give our companies and our citizens’ confidence that their cyber safety is being properly protected.

“It will ensure that Britain remains at the cutting edge of the global cyber economy.”

Mr Osborne said that the Government had what he described as a “collective interest in the cyber defences of individual companies across the British economy.”

He contiuned: “The experience in the last month of TalkTalk shows how cyber attack can suddenly go from a theoretical risk to a massive business cost.

“We will work with businesses across the economy to ensure that they have the right defences in place.”

The new National Cyber Security Strategy will be published in 2016.