In its first project the UK’s new national cyber security centre will work with the Bank of England, according to a government announcement.

The partnership will involve producing guidelines for Britain’s financial sector to bolster resilience to online threats which could damage the country’s economy.

Unveiled today by the Minister for the Cabinet Office and Paymaster General, Matthew Hancock, the new National Cyber Security Centre (NCSC) will aim to protect critical national infrastructure to ensure a safer online environment for UK consumers and organisations, increasingly threatened by crime groups, hackers and terrorists.

The centre will bring together the UK’s leading cyber experts to advise on managing online security strategy.

An official statement notes: ‘In setting up the NCSC we will adopt structured consultation with the private sector. Our objectives are to raise awareness of government intent; undertake genuine dialogue that shapes service delivery; demonstrate serious commitment to listen; and develop sustainable engagement channels.’

The NCSC will be based in London and will open later this year in October. The unit will be led by current director general for cyber at GCHQ Ciaran Martin, and the agency’s technical director of cyber security Dr Ian Levy will join the organisation as technical director.

Commenting on the establishment of the NCSC, Hancock said: ‘We are creating a body devoted to cyber security and this will transform the UK’s approach to an issue that affects us all.’

Hancock continued to emphasise the work with the Bank of England as a crucial step in ensuring that businesses understand cyber threats and how to mitigate them. He suggested that the NCSC would seek to inform private companies and the public sector about emerging threats, provide support when attacks happen, and educate them on how best to stay safe online.

According to the government release, the new setup arrives at a time when UK companies and academic institutes are facing growing threats to their intellectual property stored online, continually targeted by phishing scams and malware campaigns.