Chancellor of the Exchequer Philip Hammond has announced a new national Cyber Security Strategy for Britain, designed to help make the UK “one of the safest places in the world to do business”. The strategy will be supported by a £1.9bn investment and will run from 2016 to 2021.

Mr Hammond told delegates at Microsoft’s Future Decoded event in London that whilst technology presents “huge opportunities” for our economy it also poses risks. He said that trust in the internet is fundamental to the country’s economic future.

The strategy outlines proposals for how the UK will use automated defences to protect people and businesses against growing cyber threats, as well as deterring cyber attacks from criminals.

Included are plans to increase spending on IT training and the formation of a “virtual institution” consisting of universities that will look to improve security for mobile devices. The government has also established a cyber committee, which is made up of a number of cross-departmental ministers.

The new security strategy is being launched on the back of the £860m that has been invested in improving the country’s cyber defence capability over the last five years, including protecting government networks, improving incident responses, and tackling cyber crime.

Mr Hammond called on UK technology businesses to partner with the government in the fight against cyber attackers. He said the government’s National Cyber Security Centre, launched earlier this year, will have a dedicated authority on cyber crime, making it easier for businesses to interact with the government on cyber security issues.

He said: “If we want Britain to be the best place in the world to be a tech business then it is also crucial that Britain is a safe place to do digital business. We need a secure cyber space and we need to work together, business and government, to deliver it.”