Hack attacks carried out by foreign governments and other mischievous elements in the country's cyber infrastructure is causing UK billions of pounds every year, according to Jonathan Shaw, the head of the British Army's cyber security programme.
Mr. Shaw revealed in a statement to The Telegraph that the biggest cyber threat to the country is not military, but instead, it is economic.
He cited the example of how a firm from Warrington that used to make blades for wind turbines, suffered heavy losses and went out of business after hackers breached into their network, stole their blueprints, and manufactured a cheaper version.
He also argued in favour of a new system on the same lines as China, for educating businesses how to safeguard their interests in the cyberspace.
"No one government or country has the answers. Together we must begin to address how we can maintain the economic and social benefits of the internet and guard against the criminal and security cyber threats without suffocating future innovation," UK foreign secretary William Hague said in a statement, according to the Telegraph report.
Hague is going to organise an international conference in London on November 1st and 2nd for setting up a framework for responding to the threats evolving in the cyberspace.