The UK’s cyber security sector attracted “record investment” last year despite the Covid-19 pandemic, a major study has revealed.
The finding forms part of the Department for Digital, Culture, Media & Sport (DCMS) Annual Cyber Sector Report.
Worth approximately £8.9 billion, the UK’s thriving cyber security sector provides a range of products and services to consumers and businesses, including cyber professional services, threat intelligence, monitoring, detection and analysis, and has been vital in the wake of the Covid-19 outbreak, with firms experiencing more cybercrime than ever.
And this is reflected in the growth of the sector over the last 12 months.
According to the research, domestic and international investment in UK cyber security firms topped £821 million across 73 deals in 2020 – the highest on record and more than double that raised in 2019.
And despite the turbulent economic environment, total annual revenue “continued to rise” across the sector, up seven per cent compared to the previous year. The total number of firms operating in the space also increased by 21 per cent to 1,483.
It means that the UK cyber security industry now contributes some £4 billion to the economy each year (up six per cent) and employs more than 46,600 people across the country (up nine per cent).
Commenting on the figures, 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.”
Click here to access the Annual Cyber Sector Report.
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