The UK government has called for a greater understanding for cybersecurity risk and for advice on which solutions can safeguard users, businesses and governments.
The government’s new Cyber Security Export Strategy has been published by the Department for International Trade (DIT). It sets out to support the UK’s cyber security companies and small businesses as they look to grow, and make the UK a global leader in the fight against cybercrime.
The UK has an established, expert and innovative cybersecurity sector made up of companies across a full range of capabilities. The sector is growing, with forecasts showing exports rising to £2.6bn by 2021.
However, emerging technologies such as blockchain are entirely web-based, and commercially available applications now range from personal identification to asset verification and contracting. The report said that while the increase in digitisation brings benefits, it also presents challenges for data security and user privacy.
Companies are experiencing more frequent and damaging breaches. Firms failing to protect their customers’ data will face increasingly large fines and reputational damage. The report said that those investing in ‘good cybersecurity’ will gain a competitive advantage and the availability of cyber skills will be a major factor in securing critical systems.
In addition, new regulation, such as the EU’s General Data Protection Regulation, is driving organisations to build information security into their wider strategy.
DIT said it will support UK companies to seek, find and secure opportunities to export and supply them with updated marketing, market insight and training. In collaboration with other parts of UK Government, DIT will lead work in priority territories, engaging at a Government to Government (G2G) level. The programme will focus on sales to governments, and will seek opportunities in areas such as financial services and CNI. DIT is developing a pipeline of new opportunities, recognising that many G2G engagements are long-term diplomatic (as well as commercial) relationships including the USA, the Gulf and South East Asia.
Dr Liam Fox, Secretary of State for International Trade and President of the Board of Trade, said: The rapid rise in disruptive digital technologies inevitably exposes system vulnerabilities, as seen in recent high-profile cyber attacks on large businesses and public organisations. This new reality poses huge challenges as businesses and organisations evaluate urgent investment decisions in a fast-changing world where tomorrow’s technology hasn’t been invented yet.
“The accelerated pace of digital change brings a great opportunity to promote the UK’s cyber security expertise to international markets. Robust export control regimes will ensure that human rights are a key part of the process. Exporting to existing and new markets will help build a Britain that is fit for the future.
Earlier this year, Lloyd’s Register (LR) acquired UK-based Nettitude as it looks to bolster its cybersecurity services offering. Founded in 2003, Nettitude is a provider of cyber security assurance, risk management and managed detection and response services, to organisations across the globe. With 140 employees worldwide, the company is a research-led organisation helps to mitigate the constantly evolving cyber threat.
CPP Group, the international product innovation business, also recently agreed to invest £1.2m in cyber risk startup KYND. The UK-based company uses cyber risk management technology to enable businesses to easily monitor and understand the cyber risks they face, take action when necessary and be alerted to future risks as they arise.
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