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UK Enterprises to Compete for £70m in Government Cybersecurity Challenge
After 40 percent of UK businesses reported data breaches or security incidents in the past year, the government wants to completely “design out” complex cyber risks and attacks. To achieve this and strengthen national infrastructure and consumer security, officials plan to issue an impressive challenge to enterprises across the UK. According to police statistics, UK residents lose an average of over £190,000 per day to cybercrime, collectively. Between April and September 2018, reports of theft due to cybercrime totaled £34.6m, according to Action Fraud, the National Fraud & Cyber Crime Reporting Centre. Companies will compete for £70 million in capital, Business Secretary Greg Clark announced yesterday. He discussed the country’s long-term plan “to become a world leader in ‘designing out’ many forms of cyber threats to online services and digitally enabled products by investing in development of hardware solutions to complement software solutions.”
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