UK government has announced the first task of the National Cyber Security Centre (NCSC) is to work with the Bank of England to support the financial sector in managing the cyber security effectively.

It will be based on London and will start its operations in October, to be lead by Ciaran Martin, the director general cyber at GCHQ and Ian Levy, technical director of cyber security at GCHQ.

The organisation aims to gather all of UK’s cyber experts to widen discussions about cyber issues. Moreover, the organisation will ensure the safety and functionality of different online services of private and public sectors of UK.

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“In establishing the National Cyber Security Centre we are creating a body devoted to cyber security and this will transform the UK’s approach to an issue that affects us all,” said Matthew Hancock, minister for the Cabinet Office and Paymaster General, “This important work with the Bank of England is paramount to ensuring that businesses of all shapes and sizes understand the threats and what they can do to mitigate them.”

“We’ll do this by informing the entire business community and public sector about emerging threats, providing support when attacks happen and educating everyone on how best to stay safe online,” added Hancock.

The NCSC will work together with other government departments, different infrastructure, business communities and public citizens to offer services such as giving advice for managing cyber security risks and on how to deal with such attacks. They will also give presence that the current lead intelligence and security organisation, GCHQ, lacks.