The Bill, which will be presented to Parliament later this year, will also give the Government the power to direct private companies to shore up their cyber defences, and force more companies to disclose any successful breaches of their security to regulators.
The new requirement will better inform ministers about threats faced by companies working with the public sector, which might usually cover up any security breaches for commercial reasons.
The Government’s cyber security experts are concerned that private companies act as a “back door” for foreign hackers and organised crime groups, which hold public services to ransom.
Last year a Russian-linked hacking cell attacked Synnovis, a provider of pathology services to NHS Trusts in London, saw thousands of appointments delayed and a loss of around £33 million to the taxpayer.
The vulnerability of a private company could allow a hacker to gain access to patient data, ministers believe, or shut off power to vast regions of the UK.
A cyber attack on energy services in the south-east of England, which has been war-gamed by academics at Cambridge University, could cost the country more than £49 billion.
The heads of MI5 and the National Cyber Security Centre (NCSC) have warned that state-sponsored hacks on Britain’s public services represent an unprecedented danger to the Government and the public.
In total, officials believe cyber threats cost the UK economy almost £22 billion a year between 2015 and 2019, and have caused significant disruption to the public.
The Government is set to present a new Bill to Parliament later this year, granting them the authority to direct private companies to enhance their cyber defences and mandate more transparency regarding security breaches. This initiative aims to provide ministers with crucial information about potential threats faced by companies collaborating with the public sector, as some may conceal security breaches for commercial reasons.
Cyber security experts within the Government are particularly concerned about private companies being exploited as a "back door" for foreign hackers and criminal organizations, jeopardizing public services. For instance, a Russian-linked hacking group targeted Synnovis, a provider of pathology services to NHS Trusts in London, resulting in significant disruptions and financial losses.
The vulnerability of private companies poses a serious risk, potentially allowing hackers to access sensitive patient data or disrupt essential services like power supply. Academics at Cambridge University have simulated a cyber attack on energy services in the south-east of England, estimating potential costs exceeding £49 billion.
Leaders of MI5 and the National Cyber Security Centre have issued warnings about state-sponsored cyber attacks on public services, emphasizing the unprecedented threat posed to the Government and the public. Officials estimate that cyber threats have cost the UK economy approximately £22 billion annually between 2015 and 2019, causing significant disruptions.
