Today, the UK government has revealed its new Cyber Security and Resilience Bill plans, in hope of improving the nation’s defence against growing cyber threats
The Cyber Security and Resilience Bill, which is set to be introduced later this year, is part of the government’s wider strategy to protect vital national services, support economic growth, and ensure the safety of the UK’s digital infrastructure.
What to expect from the new Cyber Security and Resilience Bill
The Bill will focus on improving the security of key services, such as healthcare, energy, and IT providers, that keep the economy running.
The measures are designed to protect supply chains and essential service providers from cyber attacks, which have become an increasing threat to both public and private sectors. Under the new regulations, approximately 1,000 service providers will be required to meet higher cyber security standards.
Lowering the likelihood of cyber incidents
The UK has already seen significant disruptions due to cyber incidents, with attacks costing the economy nearly £22 billion annually between 2015 and 2019. The Synnovis attack, which targeted a pathology service provider to the NHS, disrupted thousands of patient appointments and cost an estimated £32.7 million. A hypothetical attack on energy services in the South East of England could result in losses exceeding £49 billion, underscoring the critical need for stronger cyber defences.
The new Bill corresponds with the government’s “Plan for Change, ” a long-term strategy that will strengthen the UK’s infrastructure and secure the future of the digital economy.
By improving the security of public services and key sectors, the government hopes to instil better confidence in the nation’s digital economy, which is important for driving growth and attracting investment.
Protecting vulnerable sectors from cyber threats
The Bill hopes to ensure that the UK’s most vulnerable sectors, such as hospitals and energy suppliers, are protected more against increasingly sophisticated cyber threats.
It will also ensure that essential IT services supporting these sectors are more resilient to cyber-attacks.
As part of the Bill, the government will explore extending protections to over 200 data centres, which are important in driving innovation and economic growth. These data centres hold a lot of information and are critical to finance and e-commerce industries. Improving their cyber security will help safeguard services that rely on vast data, such as online banking, shopping, and social media.
Reporting on cyber incidents
The legislation will also give regulators better powers to ensure organisations meet new cyber security requirements.
Companies must report more cyber incidents, allowing regulators to get a clearer picture of the country’s cyber threats. This will help build a stronger, more proactive response to cyber incidents and ensure that emerging threats are swiftly addressed.
The Bill will also allow the Technology Secretary to update the regulatory framework as new cyber threats and technologies emerge.
This will help the UK stay ahead of the curve in the digital landscape, ensuring that the country remains resilient in rapidly changing cyber risks.
The introduction of the Cyber Security and Resilience Bill follows a series of recent government initiatives to boost the UK’s cyber defences, including establishing a new AI cybersecurity standard and a new international coalition to enhance cyber skills. The UK’s growing cyber security industry, which now generates £13.2 billion annually, has also created thousands of new jobs in recent years.
This new Bill will strengthen the cyber defences of important services, ensuring that businesses are better prepared to handle emerging threats.
