Business Secretary announces £4 million of funding to counter cyber security threats at first ever US-UK cyber innovation summit.

Securious attended the Global Cyber Security Summit this week and heard from the Business Secretary, Rt Hon Dr Vince Cable announce a £4 million competition for UK Cyber businesses to develop ideas to tackle cyber security threats. BIS

The summit is supported by US and UK governments and promotes partnerships and projects in cyber security.

“SMEs are responsible for developing a lot intellectual property on cyber defence, but many face the challenge of integrating into the supply chains of bigger organisations,” said Cable.

The Technology Strategy Board will run the competition from March 2015. The government’s innovation agency will fund companies with the best ideas.

VC (600 x 450)

Ahead of the summit, Business Secretary Vince Cable said:

The growth of the cyber security sector in the UK is a great success story, worth over £6 billion and employing around 40,000 people. Building a strong and resilient cyberspace in the UK is central to ensuring that our companies can make the most of business opportunities online, whilst avoiding potentially costly threats to the information they hold and the services they provide.

Maintaining innovation and growth requires continued investment. Committing a further £4 million will help businesses of all sizes turn their ideas to counter cyber threats into reality. Partnering with industry experts will also increase the opportunities for the UK’s small cyber companies to work together and grow their businesses.

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