Britain’s £9bn Cyber Security Sector

The need for cyber security products and services has, in the UK Government’s opinion, never been greater and supporting the cyber sectors ability to expand has become a key objective over the last five years. Now a new government report shows that the UK's growing cyber industry attracted record investment last year, despite the global pandemic.  
 
The DCMS Annual Cyber Sector Report, which tracks the UK’s cyber security industry across a range of indicators between April 2019 and December 2020, reveals a 21 per cent increase in firms operating in the field, bringing the total number to 1,483.
 
  • Almost 50,000 people are now employed in UK cyber security.
  • The number of active cyber security firms in the UK increased 21 per cent on last year.
  • The Cyber Security sector contributed more than £4bn to the economy, attracting £800m of investment.
  • Cyber Security firms have stepped up to help the NHS in the national fight against coronavirus by providing vital technical support.
With Covid-19 forcing more business and social activity online, the new figures reveal an increase in the number of cyber security companies and people working for them, as the government continues its drive to build back safer from the pandemic.
 
There was a nine per cent rise in employment in the industry with more than 3,800 new full time jobs created, bringing the total number of people working in the sector to 46,683. The sector is now worth an estimated £8.9 billion, with a record £800 million of investment raised by firms.
 
Digital Minister Matt Warman will announce the findings at a CyberASAP event which gives UK researchers the opportunity to showcase their innovative new cyber security products to potential buyers. “The need for cutting-edge cyber security has never been greater and this resilient sector is growing, diversifying and solidifying its status as a jewel in the UK’s tech crown... With more than 3,800 new jobs created, firms - large and small - are doing vital work keeping people and businesses secure online so we can build back safer from the pandemic." the minister said. 
 
This year’s survey also suggests that more than half of firms (54 per cent) are now based outside of London and the South East, with cyber security clusters flourishing across the country in areas such as Scotland, Northern Ireland and North West England.
 
The most commonly provided cyber security products and services include cyber professional services, threat intelligence, monitoring, detection and analysis.
 
The research highlights particular growth in firms offering solutions for industrial control systems and IoT security, demonstrating the sector’s ability to adapt and meet emerging challenges, such as the need to secure smart cities. The data reveals that while nine in ten companies (89 per cent) felt Covid-19 had impacted their business, many of these firms have quickly adjusted and innovated within the current economic climate.
 
GOV.UK:         DCMS:       Image: Unsplash
 
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