The cyber attacks on M&S, Co-op and Harrods should be a “wake-up call”, a cabinet minister has warned as he announced a cybersecurity investment boost.

The attacks have seen empty shelves and an inability to pay by contactless card or place online orders over the past fortnight.

Cabinet minister Pat McFadden spoke at CyberUK on Wednesday, a government-organised gathering of tech experts and business leaders in Manchester.

He said: “Cyber attacks are not a game. Not a clever exercise. They are serious organised crime.

“The purpose is to damage and extort. The digital version of an old-fashioned shake-down.

“Either straight theft or a protection racket where your business will be safe as long as you pay the gangsters.

“What we have seen over the past couple of weeks should serve as a wake-up call for businesses and organisations up and down the UK, as if we needed one, that cybersecurity is not a luxury but an absolute necessity.”

Mr McFadden said the digital world, especially cyber security, presented a huge economic opportunity for the whole of the UK.

He said the government will “turbo-charge” the sector, which will produce home-grown jobs and protect growth in other sectors by improving cybersecurity.

There are about 67,000 cyber jobs in the UK, up 6,600 in the last year, and revenues top £13bn, up by 12% year-on-year. The average cyber salary in northwest England, which has become a hub, is £54,600.

Mr McFadden announced £7m more funding for the Laboratory of AI Security Research (LASR), which he created last November to pull together industry, academic and government experts to assess the impact of AI on UK national security.

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The minister also revealed a new partnership between LASR and Cisco, the American tech giant, to run challenges across the UK and build a “demonstrator” in the North West to show how scientists and entrepreneurs can work together to manage the risks around AI and build skills.

Another £1.1m will be given to the Moldovan government to help them protect the country’s upcoming parliamentary elections after accusations of Russian influence in last year’s elections, including $15m distributed to voters to bribe them to vote for the pro-Russia candidate.

Ukraine will also get £8m for its cyber programme over the next year to help counter cyber aggression by the Kremlin.

“There is enormous potential for cybersecurity to be a driving force in our economy – creating jobs, growth and opportunities for people,” Mr McFadden added.

“It’s already a sector on the up – with over 2,000 businesses across the UK.

“We want the benefits of the cyber industry to reach into communities all across the country.

“And that is why cyber will be a prime target for economic growth in the upcoming industrial strategy, as the government secures Britain’s future.

“It is going to be a significant commitment, a vote of confidence in your sector, and one that will tell the world: the UK plans to be a global player in cyber security for decades to come.”