Major businesses including Google and Microsoft have co-committed £190 million to tackling major cyber security threats facing the UK.
Up to £117 million expected from private industry investment will be combined with £70 million government investment through its modern Industrial Strategy to develop new technologies.
These will range from new hardware prototypes and software for tackling online vulnerabilities.
The initiative aims to make the UK a leader in the global cyber security market, predicted to be worth £39 billion in the next decade.
(Fomer) business secretary Greg Clark said: “Digital devices and online services are powering more of our daily lives than ever before, from booking a doctors’ appointment to buying online shopping. While these devices and services bring great benefits to businesses and consumers, they come with the associated risks of cyber-attacks and threats that are becoming increasingly complex to tackle.
“As we move to a more data-driven economy, nearly all UK businesses and organisations are reliant on these digital technologies and online services – but the threat of cyber-attacks is ever-present, with more than 30% of businesses having experienced a cyber-security breach or attack in the last 12 months.
“With government and industry investing together as part of our modern Industrial Strategy, we will ensure that the UK is well placed to capitalise on our status as one of the world leaders in cyber security by ‘designing in’ innovative measures into our technology that protect us from cyber threats.”