• March 29, 2024
 Record growth for UK’s £10.1 billion cyber security sector

Record growth for UK’s £10.1 billion cyber security sector

The latest figures from the Department for Digital, Culture, Media and Sport (DCMS) reveal that revenue generated by the UK’s 1,838 cyber security firms rose by 14% to £10.1 billion over the last financial year.

The DCMS Annual Cyber Sector Report, which tracks the growth and performance of the UK’s cyber security industry, reveals the sector contributed around £5.3 billion to the UK economy in 2021. This was a £1.3 billion increase compared to last year – the largest increase since the report began in 2018.

Employment across the industry rose by 13%, with more than 6,000 new jobs created. This brings the total number of people working in the UK cyber sector to 52,700.

More than half 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.

UK-registered cyber security firms attracted record levels of external investment, with more than £1 billion secured across 84 deals by companies including Bristol-based Immersive Labs, which raised £53.5 million in funding, and London-headquartered Tessian, which secured more than £52 million.

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.”

Over the last decade, the UK has established itself as a leader in areas including network security, threat monitoring and professional services, which has contributed to the sector’s double digit growth last year.

Almost 300 UK-headquartered cyber security firms have offices in international markets, with 56% offering their products and services in the United States and 46% exporting to the European Union.

The UK attracted a number of foreign companies, with US-headquartered companies representing one in 10 UK-based cyber companies, highlighting the importance of US-UK collaboration in this area to support the UK’s economic growth.

Jamie Lennox, Editor, Today's Wills and Probate

Editor of Today's Conveyancer, Today's Wills and Probate, and Today's Family Lawyer Contact LinkedIn jamie.lennox@todaysmedia.co.uk Twitter