UK cyber security firms attracted more than £1 billion in external investment in 2021, a major study has revealed.
The finding forms part of the Department for Digital, Culture, Media & Sport’s (DCMS) Annual Cyber Sector Report, which tracks the growth and performance of the UK’s cyber security industry.
According to the paper, cyber security firms registered in the UK attracted record levels of external investment in 2021 – over £1 billion across 84 deals.
This includes £53.5 million raised by Bristol-based Immersive Labs and £52 million raised by London-based Tessian.
The research also shows that the industry has grown at a record-breaking pace. Cyber security firms generated a total of £10.1 billion in revenue in the most recent financial year – up 14 per cent compared to the previous 12 months.
Overall contribution to the economy, meanwhile, increased by a third, from £4 billion in 2018 to £5.3 billion in 2021.
Over the same period, employment across the industry rose by 13 per cent, bringing the total workforce to 52,700.
Commenting on the figures, 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.”
Click here to access the report.
For help and advice with related matters, please get in touch with our corporate finance team today.