As part of a 2017-2018 survey, EY noted the cost of global breaches will hit $6tn by 2021, prompting companies to admit they need more funding for protection. The hot cybersecurity topic of the Facebook-Cambridge Analytica scandal entrepreneurs are discussing fiercely will have done little to alleviate plans to bolster online fortifications.
In a timely move, Liam Fox, the international trade secretary, has championed a new cybersecurity export strategy from the government. It’s designed to empower the 800 cybersecurity businesses across the UK, enabling them to scale services beyond Britain’s borders and tighten up the digital safeguards in place for global and international organisations.
Fox claimed these cybersecurity companies will have the chance to win contracts with ‘high-profile international buyers’. The Department for International Trade is expected to act as an adviser to businesses, supporting them with negotiations and sales to foreign governments. Moreover, marketing materials will be developed as part of the initiative to showcase the best of British blockades.
Commenting on the announcement, Fox said: “Recent events show that the UK faces a diverse range of threats from hostile state actors. So in an increasingly digital world, it’s vital that we improve our cyber capabilities, which are crucial for national security and prosperity.
“The strategy I am publishing today will support UK companies to export our world-leading cybersecurity expertise, which will help strengthen our capabilities, and protect our country and our allies from those who wish us harm.”
According to the government, UK cyber exports totalled £1.5bn in 2016. Demand globally is set to grow to £759bn by 2021, so it’s easy to see why the government wants UK plc to be at the forefront of protecting international affairs with such lucrative potential for the economy.