A new study, published on February 18, reveals that the United Kingdom’s cybersecurity sector registered record levels of investment in 2020 despite the economic slowdown due to the coronavirus pandemic.
The annual DCMS Annual Cyber Sector Report indicates that UK’s cybersecurity sector attracted £821 million (or $1.14 billion) in investment from 73 deals in 2020.
The report, which tracked the cybersecurity industry between April 2019 and December 2020, shows that firms operating within the industry totaled 1,483, increasing 21%. Simultaneously, the sector registered additional 3,700 new full-time jobs translating to an increase of 9%. Overall, the cyber sector registered a total of 46,683 jobs.
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The DCMS report adds that the sector contributed over £4 billion to the economy, increasing 6%. The contribution was motivated mainly by mature firms. The UK’s cybersecurity industry is now worth an estimated £8.9 billion.
Over 50% of firms located outside London
Furthermore, it emerged that at least 54% of the cyber industry firms are now based outside of London and the South East. This is an indicator that the cybersecurity sector is gaining momentum across the United Kingdom.
Commenting on more firms operating outside London, techUk CEO Julian David notes that:
“…an encouraging change which will improve cyber resilience across all the nations and regions of the UK, as well as sharing the economic prosperity offered by this fast-growing sector. This regional development is one area which techUK will continue to actively partner with DCMS, through initiatives like Cyber Exchange, as Government and industry continue to strengthen the UK’s position as a leading cybernation.”
DCMS also states that areas of industrial control systems and IoT security sectors were the key growth areas. The report singles out the two sectors’ ability to adapt and meet new challenges as the key driver for their growth.
Notably, 89% of cyber firms revealed that they had felt a pinch of the pandemic, they swiftly adjusted to the new norm.
