UK cyber security industry breaks growth records despite pandemic
The UK cyber security industry grew by a record-breaking 14 per cent throughout the coronavirus pandemic, a major study has revealed.
The research, published by the Department for Digital, Culture, Media & Sport (DCMS), shows that revenue, investment, and employment in the sector all rose in the last 12 months.
According to the Annual Cyber Sector Report, the industry 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.
It means that the sector now contributes £5.3 billion to the domestic economy, up by a third compared to 2020’s figure of £4 billion – the largest increase since the report launched in 2018.
The sector also added 6,000 new jobs over the same period (up 13 per cent), bringing the total number of people working in cyber in the UK to 52,700.
The figures are mirrored by record levels of external investment. More than £1 billion was raised across 84 individual deals in 2021. This includes Bristol-based Immersive Labs’ £53.5 million Series C round, and London-based Tessian’s £52 million extended Series C round.
The research also reveals that 56 per cent of British-based cyber security firms now export their products and services to the United States, while 46 per cent export to the European Union.
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.”
The Annual Cyber Sector Report, which tracks the growth and performance of the UK’s cyber security industry, can be found here.
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