A new Government report has revealed the exponential growth the UK’s cybersecurity sector saw in 2020.
Recording an annual investment of £800 million – more than twice that raised in 2019 – as well as a 9% employment rise (with just under 4,000 full-time jobs created), the report has suggested that the country’s cybersecurity sector is now worth an estimated £8.9 billion.
After the COVID-19 pandemic forced many businesses and workplaces to “move online”, over the course of the 12-month period there became an ever-increasing need for effective cybersecurity. The resulting rise in both financial and operational activity is highlighted in the DCMS Annual Cyber Sector Report – this tracks the UK’s cybersecurity industry across a range of indicators between April 2019 and December 2020.
The report reveals a 21% increase in firms operating in the field – bringing the total number to 1,483 – and shows that the sector contributed more than £4 billion to the economy in 2020.
Digital Minister Matt Warman commented: “The need for cutting-edge cybersecurity 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.”
To read the full press release and to download the digital report, visit: https://www.gov.uk/government/news/