Brexit Britain will miss out on EU's €1.8 billion cybersecurity funding

UK businesses won't get a penny of the EU's cash injection

Companies in the UK are set to miss out on a wad of cash being made available by the EU for investment in cyber security over the next four years.

The 1.8 billion (1.5 billion) of expected investment will come as a result of a new public-private partnership and is part of a set of new initiatives to improve European resilience against cyber attacks. The EU will provide 450 million of the 1.8 billion as part of its Horizon 2020 research and innovation programme.

The initiative comes, in part, from research showing at least 80 per cent of European companies have suffered at least one cyber security incident in the past 12 months, with the number of these incidents climbing by 38 per cent in 2015.

Andrus Ansip, VP for the Digital Single Market at the EU, said: "Europe has to be ready to tackle cyber-threats that are increasingly sophisticated and do not recognise borders. Today, we are proposing concrete measures to strengthen Europe's resilience against such attacks and secure the capacity needed for building and expanding our digital economy."

However, due to the result of the UK referendum on its membership of the European Union, companies here will almost certainly miss out on this funding.

Kevin Bocek, chief security strategist at cyber security firm Venafi, said: "It's good to see the EU increasing funding and making cybersecurity a top priority, but sad given Brexit UK universities and companies will be set to lose out on the investment."

Featured Resources

Managing security risk and compliance in a challenging landscape

How key technology partners grow with your organisation

Download now

Security best practices for PostgreSQL

Securing data with PostgreSQL

Download now

Transform your MSP business into a money-making machine

Benefits and challenges of a recurring revenue model

Download now

The care and feeding of cloud

How to support cloud infrastructure post-migration

Watch now

Recommended

How to encrypt files and folders in Windows 10
encryption

How to encrypt files and folders in Windows 10

9 Apr 2021
The definitive guide to IT security
Whitepaper

The definitive guide to IT security

9 Apr 2021
Evidence suggests REvil behind Harris Federation ransomware attack
ransomware

Evidence suggests REvil behind Harris Federation ransomware attack

9 Apr 2021
Fujitsu taps Trend Micro to secure private 5G networks in smart factories
5G

Fujitsu taps Trend Micro to secure private 5G networks in smart factories

8 Apr 2021

Most Popular

Microsoft is submerging servers in boiling liquid to prevent Teams outages
data centres

Microsoft is submerging servers in boiling liquid to prevent Teams outages

7 Apr 2021
Hackers are using fake messages to break into WhatsApp accounts
instant messaging (IM)

Hackers are using fake messages to break into WhatsApp accounts

8 Apr 2021
Alienware’s new gaming laptop is a kick in the teeth for Intel’s new CEO
Hardware

Alienware’s new gaming laptop is a kick in the teeth for Intel’s new CEO

8 Apr 2021