UK cyber-security sector posts record £10bn in revenue
The UK’s cyber-security sector has exceeded £10bn in revenue for the first time according to government figures.
The Cyber sectoral analysis 2022 report showed that it created more than 6,000 new jobs last year, and over £1bn in external investment was raised by UK firms.
The figures from the Department for Digital, Culture, Media & Sport also estimated that the sector contributed around £5.3bn to the UK economy in 2021 – up by a third.
The rise comes amid an increase in focus and investment in the cyber-security sector following the publication of the Government’s National Cyber Strategy, which aims to boost cyber skills and encourage further growth in the sector.
Cyber attacks surged since the start of the Covid-19 pandemic as many people started working from home and increasing their use of the internet.
In November, the National Cyber Security Centre said it had defended the UK from a record number of cyber attacks in the last year including those targeted at Covid-19 vaccine research, distribution, and supply chains.
The head of the body has warned that many leaders of large firms and organisations are not taking the threat of cyber attacks seriously enough.
Digital infrastructure minister Julia Lopez said: “We know that work must continue to ensure the UK remains resilient and prosperous, and that this is shared across all parts of the country as part of the Levelling Up agenda. We have therefore continued to support investment, skills, and collaboration across the cyber-security ecosystem.
“The growth of the cyber-security sector continues to be one of the UK’s tech success stories.”
The study is based on tracking data from over 1,800 UK cyber-security businesses. It shows show that around 52,700 people are now working in the sector in the UK.
Last year, the head of GCHQ warned that the UK is facing a ‘moment of reckoning’ surrounding its cyber security because of the rising technology threat from countries such as Russia and China.
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