UK cybersecurity sector could be worth £13bn, research shows | usagoldmines.com

• The UK’s cybersecurity sector is rapidly growing
• The industry is worth £13 billion and has over 67,000 workers
• A cybersecurity skills gap still remains

The cyber sector in the UK has seen significant investment in the last few months, and has grown 12% in the last year, new analysis shows. The industry generated £13.2 billion in revenue over the past year, with a total gross value added of £7.8 billion, up 21% from the year before.

This has translated into a rise in jobs too, with 67,300 now working in the industry, which is an increase of 11% since last year (6,600). There are new ventures, with 74 new cybersecurity firms created, bringing the total to 2,165, representing a 3.5% rise.

The UK Government has introduced its ‘Plan for Change’, funding 30 cyber skills projects with £2 million across the UK. These aim to “make sure the country has the cyber workforce it needs” to counter the rising threat of cyberattacks.

Skills shortage

A cybersecurity skills shortage in the UK has led to an increased vulnerability to cyber threats, opening the door for data breaches, financial losses, and reputational damage. The UK has seen significant critical infrastructure disruptions – including ransomware attacks on NHS hospitals, illustrating the scale of the issue.

“£13bn is a lot of money but the real value added to the UK economy by the cyber security market is incalculable,” said Andy Kays, CEO of security firm Socura.

“While it’s great to see growth, there is so much more potential, particularly if we can address long-standing issues such as lack of technical skills, regional disparities, lack of investment in research and startups, and apathy amongst SMEs. The threat landscape, particularly because of the impact of AI, continues to evolve and it’s important that the industry needs to continue to innovate to keep pace.”

SMB’s need to embrace cybersecurity practices, Kay says, as they are increasingly under threat, in part thanks to the lack of security prioritization. In fact, SMBs are being hit by more cyberattacks than ever – so there’s no room for anyone to neglect cybersecurity.

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