One of the first tasks of the new national cybersecurity centre in the UK will be to work with Bank of England to advice the financial sector for managing cybersecurity "effectively", the government has announced. The cybersecurity body announced by the Chancellor in November 2015 will be called the National Cyber Security Centre (NCSC).

The NCSC will be based in London and will open in October. Ciaran Martin, the director general cyber at GCHQ will lead the organisation. Besides him, Ian Levy, technical director of cybersecurity at GCHQ, will take lead as technical director.

The NCSC will ensure people, private and public sector organisations as well as critical infrastructures in the UK functions safely online. It is expected to bring UK's cyberexpertise together to transform how the country tackles cybersecurity issues.

"In establishing the National Cyber Security Centre we are creating a body devoted to cybersecurity 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 Government Communications Headquarters (GCHQ) is the lead intelligence and security organisation, but as it is a secret intelligence service based in Cheltenham, it is not easily accessible always nor does it share information and communications broadly.

The NCSC will remedy that problem by having presences in the closed intelligence world, public and corporate sectors. The organisation will work with other government departments, critical infrastructure and business community and the public. It is likely to be the centre which acts as the focal point for communications and advice for dealing with and preventing the cyberattacks, such as the one TalkTalk endured.

"We need to have a one-stop shop that people inside and outside government can go to," Hancock told BBC. He also added that NCSC will aim to be the authoritative voice on information security in the UK.

"Given the industrial-scale theft of intellectual property from our companies and universities, as well as the numerous phishing and malware scams that waste time and money, the National Cyber Security Centre shows that the UK is focusing its efforts to combat the threats that exist online," added Robert Hannigan, director GCHQ.

"Ciaran will be an excellent chief executive who will ensure that the NCSC will continue the outstanding work done by all of the existing organisations to protect national security and our economic success," said Hannigan.