The Government is set to present a new Bill to Parliament later this year, aimed at strengthening cyber defences and increasing transparency around security breaches in private companies. The proposed legislation will give the Government the authority to direct private companies to bolster their cyber defences and require them to disclose any successful breaches to regulators.
This move comes as cyber security experts express concerns about private companies being exploited as a “back door” for foreign hackers and organised crime groups, posing a threat to public services. A recent attack by a Russian-linked hacking cell on Synnovis, a provider of pathology services to NHS Trusts in London, resulted in thousands of delayed appointments and a £33 million loss to taxpayers.
Ministers fear that vulnerabilities in private companies could potentially lead to breaches of patient data or even widespread power outages across the UK. A simulated cyber attack on energy services in the south-east of England, conducted by academics at Cambridge University, estimated potential costs of over £49 billion.
The heads of MI5 and the National Cyber Security Centre have issued warnings about the unprecedented danger posed by state-sponsored hacks on public services in Britain. Officials estimate that cyber threats have cost the UK economy nearly £22 billion annually between 2015 and 2019, causing significant disruptions to the public.