Britain's Cybersecurity Business Is Booming

Uploaded on 2024-06-10 in NEWS-Cybersecurity News, GOVERNMENT-National, FREE TO VIEW

Over the last year, the Britain’s cyber security sector has shown significant growth, with a 13% increase in sector revenue, creating 2,700 new jobs, and demonstrating robust economic performance despite global challenges.

The UK government has produced a sectoral analysis which provides a snapshot of hw the industry is developing.

Key Findings

Number of companies

  • There are 2,091 firms currently active within the UK providing cyber security products and services

Sectoral Employment

  • There are approximately 60,689 Full Time Equivalents working in a cyber security related role across the cyber security firms identified.
  • This reflects an estimated increase of c. 2,700 cyber security employee jobs within the last 12 months (an increase of 5%)

Sectoral Revenue

 

  • Estimate total annual revenue within the sector has reached £11.9 billion within the most recent financial year. 
  • This reflects an increase of c. 13% since last year’s study. This is considerably higher than the slower growth in the previous study (3%), and in line with previous annual growth trends seen between 2017 – 2021.  

Gross Value Added

  • Estimatedtotal GVA for the sector has reached circa. £6.5 billion.
  • This reflects an increase of 4% since last year’s study.
  • Estimates GVA per employee has remained relatively consistent, with a slight decrease of 1% from £107,400 to £106,300.

Investment

  • In 2023, £271 million has been raised across 71 deals within dedicated cyber security firms.
  • For the first time, all UK regions have had at least one cyber security investment deal undertaken within the last twelve months.

The geographical spread of cyber security firms across the UK reflect the sector’s nationwide impact, with over half of these firms located outside London and the South East. This wide distribution both promotes regional economic development and strengthens national resilience in cyber security. 

In particular setting up Britain's National Cyber Force in Lancashire represents a strategic and significant investment, bolstering our capabilities to address and mitigate cyber threats. This initiative is pivotal in safeguarding national security and harnessing technological advancements.

The UK governrmentt continues to fund the UK Cyber Security Council and the CyberFirst programme which are cultivating and supporting new and diverse talent into the sector. This is alongside supportive programmes such as Cyber Runway operated by tech incubator Plexal with the aim of spreading innovation as well as leadership programmes offered by  the UK Cyber Cluster Collaboration (UKC3).

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