Address delivered by Right Honourable David Lidington MP at London Stock Exchange

In the face of a significant increase in malicious cyber activity globally, the UK government is taking proactive measures to protect national security and economic prosperity. The government is working closely with the financial sector and businesses more widely, aiming to build a more secure and resilient digital landscape.

The UK's cyber security industry is a major contributor to the economy, generating over £5 billion annually. This success is due in part to the world-leading products and services these businesses provide to buyers worldwide, injecting innovation into the UK economy.

One of the key partnerships driving this cyber security push is between the City and the Bank of England. This collaboration is helping to build cyber security into next generation systems, ensuring that the UK remains at the forefront of the global digital revolution.

The National Cyber Security Centre (NCSC), created as part of the government's response to cyber threats, is defending the UK from around 10 significant cyber attacks every week. The NCSC's efforts, along with the government's new initiatives, are aimed at making the UK more resilient against these threats.

The government's new Board Toolkit is designed to help organizations better understand cyber risks and seek ideas from business leaders on how to improve their cyber security posture. The government is meeting with FTSE 350 Chairman to discuss this toolkit and seek their insights on making the nation more resilient.

The annual FTSE 350 Cyber Governance Health check is also open for participation, allowing organizations to benchmark their cyber security against peers and understand areas for improvement.

In addition to these efforts, the UK government is establishing the Finance Sector Cyber Collaboration Centre, which will be led by UK Finance in alliance with 20 financial institutions. This centre will focus on improving the cyber security of the financial sector, with Faster Payments (now called Pay.UK) being the latest scheme to benefit from this collaboration.

The UK government also provides strong support for the cyber security industry, including specialist expertise, world-leading academic institutions, access to funding, targeted support, and testing facilities. This support is helping to foster an environment where new cyber technology companies can thrive, with an increase in the number of such companies in the UK.

Furthermore, the London Stock Exchange Group is hosting a cyber security conference, providing a platform for discussions and collaborations in the cyber security sector.

The UK's commitment to cyber security is evident in its launch of the GBEST scheme, based on the financial sector's CBEST model, to improve government systems against sophisticated cyber attacks. This initiative underscores the government's commitment to leading by example in the realm of cyber security.

The National Cyber Security Strategy, launched by the government two years ago, serves as a roadmap for these efforts, guiding the UK's approach to cyber security in the face of evolving threats.

While the search results do not provide information on which financial institutions will lead the Finance Sector Cyber Collaboration Centre in the spring of the next decade, it is clear that the UK is taking decisive action to strengthen its cyber security posture and protect its national interests.

Address delivered by Right Honourable David Lidington MP at London Stock Exchange