UK plans 16 million pounds cybersecurity scheme following M&S and Harrods attacks
Chancellor of the Duchy of Lancaster Pat McFadden has announced a 16 million pound cyber security scheme following targeted attacks on Marks & Spencer, Harrods and Co-Op over the past few weeks.
Speaking at the CyberUK conference this week, McFadden said 'cybersecurity is not a luxury but an absolute necessity', adding that the recent attacks on UK businesses 'should serve as a wake-up call' up and down the UK.
Despite this, a press release later released by the UK government said that the cyber sector would be a 'prime target for economic growth' in the upcoming Industrial Strategy.
As such, McFadden announced plans to invest seven million pounds into the Laboratory for AI Security Research, which launched in November 2024 and will now cooperate with US tech firm Cisco on managing risks, building up skills and seeking opportunities in the area of AI security.
This will further be supplemented by an eight million pound investment into Ukrainian cyber defences and the injection of more than one million pounds to 'protect Moldovan elections'.
McFadden's comments came after several British retailers were hit by cyberattacks last week, starting with department store Marks & Spencer, which is still dealing with the aftermath of what is believed to be a ransomware attack.
This was followed by an attempt on supermarket chain Co-Op and a similar attack on luxury department store Harrods, which confirmed May 1 that it had 'experienced attempts to gain unauthorised access to some of our systems'.
Retailers are being urged to review their cyber risk controls, particularly amid an already turbulent market hampered by waning consumer confidence and uncertainty surrounding global trade.
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