Technological advances are a great benefit to countless businesses, but the more ominous side is the increased risk of cyber-attacks. A cyber-attack is a direct threat to economic output and although not a new threat, it is reassuring to see that this is a topic that the Government is determined to tackle.
The UK must be able to retaliate in kind against cyber-attacks, the chancellor has said. Philip Hammond added that hostile "foreign actors" were developing techniques that threaten the country's electrical grid and airports. The warning came within a speech describing how the government plans to spend a previously announced £1.9bn sum on cybersecurity. It also addressed ways to tackle cyber-scammers and defend businesses.