The United Kingdom Sets New Highs In Cybersecurity Investments

• In Updates
• 21 Mar 2022, 12:06 AM
• By Technologist Confidant

According to recent government estimates, more than 1,800 cybersecurity companies made a total of £10.1 billion in revenue in the past financial year, up 14% from the previous year. Leading cyber enterprises are based in the United Kingdom, taking advantage of excellent personnel and funding pipelines. As the cyber landscape evolves, the UK gives easy access to cutting-edge cybersecurity skills to keep businesses resilient and viable.

Key findings

• According to the DCMS Annual Cyber Sector Report, which examines the growth and performance of the UK's cyber security business, it contributed roughly £5.3 billion to the UK economy in 2021, up by a third from £4 billion the previous year - the most significant rise since the report began in 2018.
• More than 6,000 new positions were generated in the business, resulting in a 13 per cent increase in employment, providing new chances for people across the UK to join the sector and share its wealth. This raises the overall number of cyber employees in the United Kingdom to 52,700.
• In 2021, the UK had 1,838 active cyber security enterprises. The majority of these organisations are based outside of London and the South East, with the North East and East Midlands exhibiting the most development in cyber security. According to the report, this shift could be the result of remote working expanding regional prospects.
• More than £1 billion was raised in 84 deals by UK-registered cyber security firms, including Bristol-based Immersive Labs, which raised £53.5 million, and London-based Tessian, which raised more than £52 million.

The UK has established itself as a leader in sectors such as network security, threat monitoring, and professional services during the last decade, resulting in double-digit growth in the sector last year. Almost 300 cyber security organisations with headquarters in the United Kingdom have offices in international markets, with 56 per cent supplying products and services in the United States and 46 per cent exporting to the European Union. The UK attracted several foreign firms, with US-based firms accounting for one out of every ten UK-based cyber firms, underscoring the importance of US-UK collaboration in this field to promote the UK's economic growth.

Way forward

According to the government's five-year National Cyber Security Strategy, a thriving UK cybersecurity sector is a paramount national security and prosperity goal. The National Cyber Security Centre Startups and CyberFirst bursary initiatives, the London Office for Rapid Cyber Security Advancement, and the Cyber Runway programme, all part of the government's National Cyber Strategy, are helping UK businesses expand and scale-up. The Department of Digital, Culture, Media, and Sport has developed a number of skills programmes, including a youth programme called Cyber Explorers and skills boot camps. The new UK Cyber Security Council is increasing careers in the cyber industry by supporting new apprenticeship standards and working to standardise the professional cyber security landscape.