Infosec 2013: Cyber threats creating boom for security in age of austerity

News by Asavin Wattanajantra

Technology firms need to grab the opportunities offered by increasing cyber threats, which is creating a thriving security industry in spite of the poor economic climate.

Technology firms need to grab the opportunities offered by increasing cyber threats, which is creating a thriving security industry in spite of the poor economic climate.

This was the message pushed by Chloe Smith, minister for political and constitutional reform at the Cabinet Office, speaking at Infosecurity 2013's opening keynote. She said that the large turnout for the conference proved that the security industry was thriving with innovation and vitality, in spite of the difficulties of the current economic climate.

"Cyber threats are an increasing challenge to UK businesses, but they also present many exciting opportunities," she said, claiming that the current government was doing everything it can to increase it's ability to detect threats and defend UK interests. "We have to work with UK businesses to help this growing sector and capitalise on this growing demand."
Recently, the coalition government has made steps to raise the profile of cyber threats, to generate demand for more and better cyber security products. Since 2010 when it came into power, cyber threats have been determined to be one of the top four threats to national security. 

In 2011 the government produced a cyber security strategy, with the aim of making the UK one of the most secure places to do business in the world, as well as making it more resilient to cyber attack. 

"£650 million of investment in cyber security has been put in place, in one of the most tightest fiscal environments we have ever seen," Smith said. "This underlines the importance we place in it." 

"Industry is by far the biggest victims of cyber threats. It costs the UK economy billions of pounds per year. As governments and businesses go online, the potential threat grows."

She revealed that today the government would launch new guidance for small businesses on how they could protect themselves from cyber threats.

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