Cybersecurity Sector now worth an estimated £8.9 Billion

The new DCMS Annual Cyber Sector Report (published earlier this week) shows the UK’s cybersecurity sector is now worth an estimated £8.9 billion (a 7 per cent increase).

The sector has attracted record levels of investment last year, despite the global coronavirus pandemic led to more people and businesses working online. With more than £800m invested in the sector and the number of active cybersecurity firms in the UK increasing by 21% with almost 50,000 people are now employed in UK cybersecurity.

This DCMS Annual Cyber Sector Report tracked the UK’s cybersecurity industry across a range of indicators between April 2019 and December 2020, reveals a 21 per cent increase in firms operating in the field, bringing the total number to 1,483.

The sector is now worth an estimated £8.9 billion.

“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.” Digital Minister Matt Warman

Some of the main findings from the report are:

  • Almost 50,000 people have now employed in UK cybersecurity.

  • Nine per cent rise in employment in the industry with more than 3,800 new full-time jobs created, (46,683 now employed in the sector.).

  • 89% of cybersecurity firms said that COVID-19 has impacted their business.

  • This year’s survey also suggests that more than half of firms (54 per cent) are now based outside of London and the South East, with cybersecurity clusters flourishing in North West England.

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