The UK government said Tuesday that it plans to invest £1.9 billion ($2.3 billion) over the next five years in a new cyber defense strategy, called the National Cyber Security Strategy, to prepare for and fight back against cyber-attacks in the future.

The Chancellor, Philip Hammond formally launched the government’s new National Cyber Security Strategy, which he said will “set out decisive action to protect the UK economy and the privacy of British citizens, while encouraging industry to up its game to prevent damaging cyber-attacks.”

The plan outlines: how the UK will use automated defenses to safeguard citizens and businesses against growing cyber threats; support the UK’s growing cyber security industry; develop a world-class cyber workforce; and deter cyber-attacks from criminals and hostile actors.

Hammond explained how increasingly vulnerable society is to cyber-attacks thanks to the expanding range of connected devices which are creating more opportunities for exploitation; more demand for training and skills; old legacy IT systems used by many organizations in the UK and the readily available suite of user-friendly hacking tools which means everyone from the living room to the boardroom is exposed to malicious hackers.

According to Hammond, “significant investment will go towards taking the fight to those who threaten Britain in cyber-space and relentlessly pursuing anyone who persists in attacking us.”

“Britain is already an acknowledged global leader in cyber security thanks to our investment of over £860 million in the last Parliament, but we must now keep up with the scale and pace of the threats we face. Our new strategy, underpinned by £1.9 billion of support over 5 years and excellent partnerships with industry and academia, will allow us to take even greater steps to defend ourselves in cyberspace and to strike back when we are attacked,” said Hammond.