UK Government report shows record growth in the cybersecurity sector

The DCMS Annual Cyber Sector Report published in February shows us that there was a record £821 million of investment raised by companies in cyber across 73 deals in 2020, a figure that more than doubled what we saw in 2019.

As a consequence of these huge increases, the cyber sector in the UK is now estimated to be worth a whopping £8.9 billion, with total annual revenue rising by 7% in the most recent financial year.

This increase in investment has led to a 21% increase in cyber firms now operating in the UK, with the total number now reaching 1483. This has also coincided with a 9% rise in employment in the sector as 3800 new full-time jobs have been created, taking the total number of UK cyber-jobs to 46,683.

With growth experienced throughout the sector, the report estimates that the total contribution from the sector to the UK economy was around £4 billion in 2020, a 6% increase from 2019.

Unsurprisingly, the British government has struggled to hold back their delight. British Digital Minister Matt Warman comments: “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.”

Julian David, Chief Executive Officer of techUK, also added that “this research shows a sector going from strength to strength, with increasing investment in our growing cyber-ecosystem and, perhaps most significantly, uptake of the technologies and services keeping UK citizens and businesses safe.”

Cybersecurity is moving into a new era of importance as the world becomes increasingly digitised. All companies, businesses and individuals need to increase their cybersecurity standards to avoid becoming victims of an attack. Vambrace is here to take your business into the digital age with confidence.

If you have any questions about Vambrace, don’t hesitate to explore our website and get in touch with one of the team.