UK Cyber Sector Worth £8.3bn
A report compiled for the Department for Digital, Culture, Media and Sport (DCMS) looked at the UK Cyber Security sector, to see how the land lay.
The report revealed that the cyber sector in the UK alone is worth an astonishing £8.3bn, and employs over 43,000 full time employees.
There are approximately 1,221 organisations across the UK that provide cyber security products and services. This has been an increase of 44% two years previously. In essence, this has resulted in a new cyber security business being registered every week in the UK.
This increase in businesses has had a positive impact on employment, with a 37% increase in cyber security roles over the past two years.
The most common cyber services provided are:
- Cyber professional services
- Threat intelligence, Monitoring, Detection and Analysis
- Endpoint Security (including mobile security)
However, some cyber sub-sectors are emerging for example, the Internet of Things (IoT) Security as technology continues to evolve.
Rt Hon Matt Warman MP, Parliamentary Under Secretary of State Minister for Digital and Broadband.
“The UK is one of the world’s leading digital nations, home to exceptional talent, cutting-edge innovation and rapid growth. In 2016, the Government published its National Cyber Security Strategy 92016-2021), where we set out our commitment to defend our systems and infrastructure, deter adversaries, and to develop a whole-society capability to protect our digital economy.
“Since then, we have invested significantly – with £1.9bn allocated to the strategy – in supporting the development of the UK’s cyber security ecosystem. The National Cyber Security Centre (NCSC) officially opened in February 2017, has provided world-class, user-friendly expertise for businesses and individuals and has also been at the forefront of protecting the UK from online threats, handling well over six hundred incidents in 2019 alone.”
The cyber security sector will continue to grow and thrive. The implementation and roll out of GDPR increased the demand on the sector, as will future regulations.
It’s a sector that is continuing to garner support from the industry, and the Government has invested in a range of initiatives to help organisations specialising in cyber security to thrive.
The initiatives that the Government has invested in include:
- Developing new products and services (particularly innovative products that can tackle new cyber security challenges)
- Connect high-potential, high growth businesses with investors and;
- Develop a more coherent ecosystem of cyber security providers, through promoting collaboration and mentoring
Matt Warman MP, added:
“Government will continue with its efforts to support the UK’s world-leading cyber security sector to remain internationally competitive, to develop innovative and ground-breaking new products and services, to expand and access new markets and to secure the best talent available to ensure sustainable growth.”