As part of Chancellor George Osborne’s speech at the GCHQ he spoke about a new plan to invest £1.9 billion in cyber security.
In his speech he stated that as chancellor he knows about enormous potential for the internet to drive economic growth; however he is also acutely aware of the risk of cyber attack harming our economy.
He then went on to say how for the past five years they have been creating and enhancing the structures and capabilities that Britain needs to defend itself in cyberspace. Through the National Cyber Security Programme and funded it with £860 million along with other various investment.
The plan was announced to almost double their investment to protect Britain from cyber attack and develop our sovereign capabilities in cyberspace, totalling £1.9 billion over five years. The chancellor said ‘If you add together the spending on core cyber security capabilities, protecting our own networks and ensuring safe and secure online services, the government’s total cyber spending will be more than £3.2 billion.’ After the main announcement he continued to talk about the different ways in which this investment will be used and what effect it will have.