Hackers set to lift profits for engineer BAE

DEFENCE firm BAE is eyeing growth in its cyber security division as businesses around the world face a rising threat from hackers.

The division currently accounts for about 3pc of group revenue but bosses are developing its commercial arm to help take advantage of the evolving threats.

Nurofen maker Reckitt Benckiser lost an estimated £100m from a cyber attack last month while the NHS was crippled by hackers in May.

BAE chief executive Charles Woodburn said: ‘I think there is good growth to be had.

‘We did some very good work with the Bangladesh Bank – we have had some quite high-profile examples. We believe we have a real capability here.’

BAE’s Applied Intelligence cyber security business saw double-digit growth over the half year, although it made a loss of £27m.

It came as BAE beat expectations with half-year profits up 11pc to £945m, and sales up 4pc to £9.6bn.

As another deal with Saudi Arabia is hoped for by investors, Woodburn said he was confident of getting more orders for Typhoon fighter planes. BAE’s work in the UK includes designing and maintaining submarines and ships for the Royal Navy.