The annual DCMS Annual Cyber Sector Report indicates that UK’s cybersecurity sector attracted £821 million (or $1.14 billion) in investment from 73 deals in 2020. The report, which tracked the cybersecurity industry between April 2019 and December 2020, shows that firms operating within the industry totaled 1,483, increasing 21%. Simultaneously, the sector registered additional 3,700 new full-time jobs translating to an increase of 9%. Overall, the cyber sector registered a total of 46,683 jobs. The DCMS report adds that the sector contributed over £4 billion to the economy, increasing 6%. The contribution was motivated mainly by mature firms. The UK’s cybersecurity industry is now worth an estimated £8.9 billion.
Over 50% of firms located outside London
Furthermore, it emerged that at least 54% of the cyber industry firms are now based outside of London and the South East. This is an indicator that the cybersecurity sector is gaining momentum across the United Kingdom. Commenting on more firms operating outside London, techUk CEO Julian David notes that: DCMS also states that areas of industrial control systems and IoT security sectors were the key growth areas. The report singles out the two sectors’ ability to adapt and meet new challenges as the key driver for their growth. Notably, 89% of cyber firms revealed that they had felt a pinch of the pandemic, they swiftly adjusted to the new norm.
