Organisations failing to implement effective cyber security measures could be fined as much as $22.2 million under proposals unveiled on Tuesday by Britain's Department for Digital, Culture, Media and Sport (DCMS).
DCMS considers the fines could also amount to four per cent of an organisation's global turnover, as part of a drive to make Britain's essential networks and infrastructure safe, secure and resilient against the risk of future cyber attacks, Xinhua news agency reported.
A spokesman said: "Fines would be a last resort, and they will not apply to operators that have assessed the risks adequately and taken appropriate security measures."
Matt Hancock, a senior British government official in charge of digital and culture, said: "We want our essential services and infrastructure to be prepared for the increasing risk of cyber attack and be more resilient against other threats such as power failures and environmental hazards."
The British government's Network and Information Systems (NIS) Directive to be launched in May 2018, once implemented, will form an important part of the government's five-year $2.5 billion national cyber security strategy.
The strategy is managed and coordinated by the Cabinet Office at 10 Downing Street in London through the national cyber security programme.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)