Even today, many people stay away from online transactions because it simply doesn’t seem safe. Although the convenience offered is impeccable as you can go completely cashless in any corner of the world, the concern for security still stays. Some people suffer personal information loss online, and others lose USD 20,000 due to credit card theft. There are various other instances which enable organizations to run towards cybersecurity and make amends in the system that can prevent fraud.
Looking at all these threats, the Business, Energy and Industrial Department of UK has decided to eliminate critical cyber threats. They are willing to become world leaders in cybersecurity by offering utmost online security to its customers.
Built-In System For Security
The idea is to develop in-built security in ubiquitous systems present around us. This would help the UK to move a step further in cybersecurity. The implementation will help in integrating high-security in every sector.
While currently organizations and businesses spend a lot on cybersecurity, in-building this feature in the hardware itself would have a wide-level impact. We won’t have to place layers of security to keep users safe from fraud. The Department believes that this will not only help in protecting data but also reduce the costs of maintaining cybersecurity eventually.
To achieve this goal, The Industrial Strategy Challenge Fund has already released (allocated) £70 million. An additional £30 million will be spent on implementing security in smart systems.
Reducing The Burden Of Cybersecurity
The major goal of UK is to reduce the burden of security from the shoulders of consumers. Moving cybersecurity at such detailed levels will enable users to not worry about making a transaction online or other data privacy issues. Having security in the design of the devices would eradicate the problem to a large extent.
According to research by the Department, it was revealed that 40% of organizations faced cybersecurity issues in last year. And if we talk about customers, the situation is worse. Customers frequently suffer the threat of information and private data loss on the internet. If the efforts of UK become successful, cybersecurity issues will reduce to a significant amount.