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Record levels of investment for UK's cyber security sector

Annual sectoral analysis indicates that revenue generated by cyber security firms rose by 14 per cent to £10.1 billion.

The Department for Digital, Culture, Media and Sport has released its Annual Cyber Sector Report which highlighed a continued growth of the UK cyber security sector and included record breaking figures of more than 1800 cyber security firms and their steadfast resilience in recent years. The report demonstrates that within the last 12 months, the sector's revenue has grown to more than £10 billion for the first time, and the sector has added over 6000 jobs across the UK. 

Other key findings of the report include: 

  • The sector contributed around £5.3 billion to the UK economy in 2021, rising by a third on the previous year from £4 billion.
  • Employment across the industry rose by 13 per cent with more than 6000 new jobs created, bringing the total number of people working in cyber in the UK to 52,700.
  • 2021 was also a record year for external investment into the sector - with over £1 billion raised by firms across the UK. 

Remarkably, this year's survey also suggests that more than half of the 1,838 active cyber security firms in the UK, are based outside of London and the South East, with cyber security showing growth in the North East and East Midlands. The report highlights this move could be a result of remote working increasing regional opportunities.

Alongside these successes and with the publication of the National Cyber Strategy in December 2021, the report lays out how government will ensure that the UK continues to flourish as a leading, responsible and democratic cyber power, able to protect and promote UK interests in and through cyberspace. 

Digital Secretary Nadine Dorries said:

"Cyber security firms are major contributors to the UK’s incredible tech success story.

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.

We are investing in skills training and business initiatives to help the UK go from strength to strength as a global cyber power and open up the sector to people from all walks of life."

To read the full report click here.

Channel website: http://www.techuk.org/

Original article link: https://www.techuk.org/resource/record-levels-of-investment-for-uk-s-cyber-security-sector.html

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