Savings of £1.3bn by shifting cyber to smaller firms

UK companies could save a total of £1.3 billion by shifting cyber security products and services away from large firms dominating the market.

The UK cyber security market is estimated to be worth over £8.3 billion. Currently, 76 per cent of this is controlled by only 10 per cent of firms in the market. However, the tide is turning, with more agile firms launching and saving business up to 40 per cent. New start-up Cynapse is helping businesses to make better connections through their free expert referrals.

With over 1,200 firms in the market, and a new start-up entering the market every week, experts say that there is a trend of savvy businesses seeking better choice and value for money.

Analysis carried out by Cynapse – a London-based cyber security start-up – indicates that, in some instances, companies can save up to 40 per cent for similar products and services. This equates to a potential opportunity of £1.3 billion for UK businesses that shift a proportion of their work away from the established players to innovative firms.