£1m Government Fund to Help Small Businesses Tackle Cybercrime

Small firms will be able to access up to £5000 in vouchers to boost their online security – goal is to make UK world leader in cyber security

£1m Government Fund to Help Small Businesses Tackle Cybercrime

Digital economy minister Ed Vaizey has announced the launch of a £1m cyber security fund which will offer micro, small and medium enterprises up to £5000 in vouchers in order to protect themselves against cybercrime.

The scheme will launch later this month and will be managed by the government’s “innovation experts” at Innovate UK.

Along with the vouchers, the programme will consist of a number of initiatives intended to increase both public and private business’ cyber security.

This includes a platform for learning and a careers hub called ‘Inspired Careers’ – which launched today and was developed by industry body CREST and the government to increase online security skills amongst the UK’s talent pool.

The announcement is subsequent to recent research which revealed that 74% of small businesses experienced a cyber attack last year, resulting in costs of up to £311,000.

Speaking at the ‘Cyber Security: assurance, resilience, response’ conference in London, Vaizey said:

“We want to help protect UK businesses against cyber-attacks and make the UK the safest place in the world to do business online. The new voucher scheme will offer increased protection for small businesses, and the new online hub will help ensure we have the skilled workforce in place to manage the increased pressures of the digital age.”

Kevin Baughan, Innovate UK’s director of technology and innovation, added:

“The UK’s economy is increasingly underpinned by digital infrastructure, so cyber security is now a critical component. The schemes announced today will give cyber-confidence for businesses and consumers and will help our digital economy to flourish. The UK now has the opportunity to become a world leader in cyber security, creating the jobs of tomorrow and driving productivity and growth.”

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