UK Government pours £4m to help $6bn industry.
The UK Government will provide £4m in funding to help small and mid-sized enterprises (SMEs) address escalating cyber crime.
UK Business Secretary Vince Cable noted that the funding would be supervised by the government’s Technology Strategy Board in 2015 which will distribute the amount among innovative small businesses that come up with security software.
Cable added: "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."
An industry expert from techUK Andy Williams has been appointed to map cyber security small businesses, as well as establish a national wide growth project to support them to work closely.
Further, Key IQ cyber and technology catalyst managing director Dr Emma Philpott has been tasked with leading a project designed to develop regional clusters of cyber security SMEs working with each other.