New cybersecurity project to protect businesses from online fraud, says Government

Posted on: 18/10/2019

The Government is launching a new cybersecurity programme to protect businesses from the threat of online fraud.

It comes after a third of businesses reported having been victim to a cyber breach or attack in the last 12 months.

The £36 million project, launched in collaboration with artificial intelligence (AI) firm Arm and backed by Google and Microsoft, will see the development of new technologies that are “more resistant to cyber threats”.

According to experts, the new hardware will be made to specifically protect businesses from hackers taking control of computer systems and prevent high skill cyber-attacks and breaches.

“Cyber-attacks can have a particularly nasty impact on businesses, from costing them thousands of pounds in essential revenue to reputational harm,” said Business Secretary Andrea Leadsom.

“Cyber-criminals operate in the shadows, with the severity, scale and complexity of breaches constantly evolving. It’s critical that we are ahead of the game and developing new technologies and methods to confront future threats, supporting our businesses and giving them peace of mind to deliver their products and services safely.”

The announcement comes after a major new study revealing the extent and scope of cybercrime in Britain.

According to the research, the average cost of a cyber-attack, which results in the loss of data of assets, amounts to £4,180 – a £1,000 increase since 2018.

With around three in 10 businesses and two in 10 charities affected, the most common breaches include phishing attacks, CEO or high-level executive impersonation, and viruses, spyware or malware attacks.

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