The nation’s cybersecurity firms are profiting from these dangerous times with new government data revealing “record” levels of external investment.
According to the Department for Digital, Culture, Media & Sport (DCMS) Annual Cyber Sector Report, released today (17 February), more than £1 billion was secured across 84 deals by companies including Bristol-based Immersive Labs, which raised £53.5 million, and London-headquartered Tessian which secured more than £52 million in funding.
The sector contributed around £5.3 billion to the UK economy in 2021, rising by a third on the previous year from £4 billion – the largest increase since the report began in 2018.
Digital Secretary Nadine Dorries comments: “Hundreds of British firms from Edinburgh to Bristol are developing and selling cutting-edge cyber tools around the world that make it safer for people to live and work online.”
The data shows that 1,838 active cybersecurity firms generated a total of £10.1 billion in revenue in the most recent financial year, a 14% increase from the previous financial year.
More than half are based outside of London and the South East, with cybersecurity showing growth in the North East and East Midlands.
Employment across the industry rose by 13%, with more than 6,000 new jobs created. This brings the total number of people working in cyber in the UK to 52,700.
Almost 300 UK-headquartered cybersecurity firms have offices in international markets, with 56% offering their products and services in the US and 46% exporting to the European Union.
The UK attracted a number of foreign companies, with US-headquartered companies representing one in ten UK-based cyber companies.
While all those stats are good news, the rise could be attributed to the increase in the number of threats lurking around.
Last month, the UK government wanted the nation to toughen up in a nasty old world with its “first ever” cybersecurity strategy.
Chancellor of the Duchy of Lancaster Steve Barclay explained that the country’s public services will be strengthened to further protect them from the risk of being shut down by hostile cyber threats.
That development came hot on the heels of the government’s planned new laws for cyber resilience.
That included expanding the powers of the UK Cyber Security Council and holding larger companies to a higher reporting standard.
