Government to unveil new cybersecurity measures after wave of attacks
The Co-op Group was also targeted, prompting it to shut down parts of its IT infrastructure.
In a speech at the CyberUK conference in Manchester, Mr McFadden will say: 'Cyber attacks are not a game. Not a clever exercise. They are serious organised crime. The purpose is to damage and extort.
'The digital version of an old-fashioned shakedown, either straight theft or a protection racket where your business will be safe as long as you pay the gangsters.
'What we have seen over the past couple of weeks should serve as a wake-up call for businesses and organisations up and down the UK, as if we needed one, that cybersecurity is not a luxury but an absolute necessity.'
The Government is expected to unveil measures aimed at reinforcing systems against attack, including driving investment into CHERI, a 'magic chip' that builds advanced memory protections in microprocessors.
Some £4.5 million will be spent helping firms bring the technology, which can block up to 70% of common cyber attacks, to market, the Cabinet Office said.
A new software security code of practice will also be published on Wednesday, outlining essential steps the Government believes every organisation developing or selling software should be taking to secure their products.
An extra £7 million for Britain's Laboratory for AI Security Research will be confirmed, along with investment of £8 million in Ukrainian cyber defences and more than £1 million to 'protect Moldovan elections'.
Mr McFadden will say: 'Ukraine has put up an incredibly brave fight against (Vladimir) Putin's cyber warfare, and we have vowed to stand shoulder-to-shoulder with Ukraine for as long as it takes to defend their sovereignty.
'And so we are going to invest £8 million in the Ukraine Cyber Programme over the next year to continue to counter the Kremlin's cyber aggression.'
The senior Cabinet minister will say cyber will be a prime target for economic growth in the Government's upcoming industrial strategy.
'There is enormous potential for cyber security to be a driving force in our economy – creating jobs, growth and opportunities for people. It's already a sector on the up – with over 2,000 businesses across the UK,' he will say.
'It is going to be a significant commitment, a vote of confidence in your sector, and one that will tell the world: the UK plans to be a global player in cybersecurity for decades to come.'
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