The UK Government has launched its new £1.9bn National Cyber Security Strategy, which will set out decisive action to protect the economy and encourage industry to avoid damaging cyber-attacks.

The new plan almost doubles the funding commitments of the first strategy, which ran from 2011, and outlines the way the UK will use automated defences to safeguard citizens and businesses against growing cyber threats.

This plan also supports the country’s growing cyber-security industry and outlines strategies to deter cyber-attacks from criminals and hostile actors.

"Our new strategy will allow us to take even greater steps to defend ourselves in cyberspace and to strike back when we are attacked."

According to the World Economic Forum’s 2016 Global Risks Report, cyber-security is recognised as one of the greatest threats to business worldwide, and the global cost of crimes in cyberspace is estimated to be $445bn.

Launching the National Cyber Security Strategy, Chancellor Philip Hammond said that the threat of attacks invade the country’s privacy and threaten its national security.

Hammond also emphasised that it is the responsibility of CEOs to make sure that their organisations are secure against cyber-attacks.

The National Cyber Security Strategy sets out how the UK Government will strengthen its own defences and makes sure industries take the right steps to protect their in.

Separately, Hammond also announced a new cyber-security research institute, which is a virtual collection of UK universities that will aim to improve the security of smart phone, tablets and laptops through research.

Chancellor of the Exchequer Philip Hammond said: “Britain is already an acknowledged global leader in cyber-security thanks to our investment of over £860m in the last Parliament, but we must now keep up with the scale and pace of the threats we face.

“Our new strategy, underpinned by £1.9bn of support over five years and excellent partnerships with industry and academia, will allow us to take even greater steps to defend ourselves in cyberspace and to strike back when we are attacked.”