Record year for UK’s £8.9bn cyber security sector

A new report from the Department for Digital, Culture, Media & Sport has shown that the UK’s growing cyber industry attracted record investment last year, despite the global coronavirus pandemic.

With coronavirus forcing more business and social activity online, the new figures from the DCMS Annual Cyber Sector Report reveal an increase in the number of cyber security companies and people working for them, as the government continues its drive to build back safer from the pandemic. There has been a 21 per cent increase in firms operating in the field, bringing the total number to 1,483.

The sector is now worth an estimated £8.9 billion, with a record £800 million of investment raised by firms.

The most commonly provided cyber security products and services include cyber professional services, threat intelligence, monitoring, detection and analysis. The research highlights particular growth in firms offering solutions for industrial control systems and IoT security, demonstrating the sector’s ability to adapt and meet emerging challenges, such as the need to secure smart cities.

Digital Minister Matt Warman said: “The need for cutting-edge cyber security has never been greater and this resilient sector is growing, diversifying and solidifying its status as a jewel in the UK’s tech crown.

“With more than 3,800 new jobs created, firms - large and small - are doing vital work keeping people and businesses secure online so we can build back safer from the pandemic. I am committed to supporting the industry to reach new heights, create more jobs and lead new innovations in this field.”