The UK cyber security industry grew by a record-breaking 14 per cent throughout the coronavirus pandemic, a major study has revealed.<\/p>\n
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The research, published by the Department for Digital, Culture, Media & Sport (DCMS), shows that revenue, investment, and employment in the sector all rose in the last 12 months.<\/p>\n
According to the Annual Cyber Sector Report, the industry generated a total of \u00a310.1 billion in revenue in the most recent financial year \u2013 up 14 per cent compared to the previous 12 months.<\/p>\n
It means that the sector now contributes \u00a35.3 billion to the domestic economy, up by a third compared to 2020\u2019s figure of \u00a34 billion – the largest increase since the report launched in 2018.<\/p>\n
The sector also added 6,000 new jobs over the same period (up 13 per cent), bringing the total number of people working in cyber in the UK to 52,700.<\/p>\n
The figures are mirrored by record levels of external investment. More than \u00a31 billion was raised across 84 individual deals in 2021. This includes Bristol-based Immersive Labs\u2019 \u00a353.5 million Series C round, and London-based Tessian\u2019s \u00a352 million extended Series C round.<\/p>\n
The research also reveals that 56 per cent of British-based cyber security firms now export their products and services to the United States, while 46 per cent export to the European Union.<\/p>\n
Commenting on the figures, Digital Secretary Nadine Dorries said: \u201cCyber security firms are major contributors to the UK\u2019s incredible tech success story.<\/p>\n
\u201cHundreds of British firms from Edinburgh to Bristol are developing and selling cutting-edge cyber tools around the world that make it safer for people to live and work online.<\/p>\n
\u201cWe are investing in skills training and business initiatives to help the UK go from strength to strength as a global cyber power and open up the sector to people from all walks of life.\u201d<\/p>\n