The UK government decided to invest £63 million in fighting against cyber crime for the next four years. This is but a part of the £650 million funding allotted to national cyber security, according to recent reports. Home secretary Theresa May, has revealed the amount at an informal meeting with the interior ministers of France, Germany, Italy, Poland and Spain, said a report on eGov monitor.
The Strategic Defence and Security Review last October marks the point when the UK government first stated its intention to get tough on cyber crime. Downing Street pledged a further £500 million to a national cyber security program despite having decided to cut budget in other areas.
The UK government also shows keen interest in building upon the existing knowledge and expertise in the Serious Organised Crime Agency and the Metropolitan Police Central e-Crime Unit (PCeU).
According to Neill Blundell, partner and head of fraud at international law firm Eversheds, the announcement is significant, given the scale of the austerity measures introduced by the coalition government.
“This type of crime is technically difficult to investigate and very expensive to tackle,” he said. “The government understands that the repercussions of failing to control such crime could be very serious indeed, not only to those it directly impacts on, but because the cost of such crime can impact on the wider business community and our economy as a whole.”