UK-registered cybersecurity firms have successfully raised over £1bn in external investment through 84 deals, according to the latest report by the Department for Digital, Culture, Media and Sport (DCMS).
This significant influx of funding highlights the growing confidence in the UK's cybersecurity sector. Notable companies, such as Immersive Labs and Tessian, secured substantial investments, contributing to the industry's growth.
In addition to the investment success, the report reveals that the UK's cybersecurity industry has experienced a surge in job creation. More than 6,000 new positions have been added to the existing 50,000-strong cyber workforce, bringing the total number of people employed in the sector to 52,700.
This expansion offers numerous opportunities for individuals across the UK to join the thriving cyber industry and share in its prosperity.
The exceptional performance of Britain's tech sector
The report also highlights the remarkable performance of Britain's tech sector as a whole. In the most recent financial year, the country's cybersecurity firms, numbering over 1,800, generated a total revenue of £10.1bn.
This represents a 14% increase from the previous year, making it the largest growth since the report's inception in 2018. The cybersecurity industry's contribution to the UK economy rose by a third to approximately £5.3bn in 2021, further emphasising its importance.
The DCMS report identifies a shift in the geographic distribution of cybersecurity firms, with more than half being based outside of London and the South East.
This growth in regions such as the North East and East Midlands may be attributed to the rise of remote working, which has increased regional opportunities. This decentralisation of cybersecurity activity showcases the sector's potential to benefit various parts of the country.
The key role of cybersecurity firms in UK's tech success
Digital Secretary Nadine Dorries expressed her appreciation for the role cybersecurity firms play in the UK's tech success story. She highlighted the development and global impact of British companies, stating that they are creating cutting-edge tools that enhance online safety for people worldwide.
The government aims to foster growth and inclusivity in the sector by investing in skills training, business initiatives and promoting opportunities for individuals from all walks of life.
Furthermore, the report emphasises the international reach of UK cybersecurity firms. Nearly 300 firms with headquarters in the UK operate in international markets, with 56% offering products and services in the United States and 46% exporting to the European Union.
Foreign investment is also evident, as one in ten UK-based cyber companies are US-headquartered. This highlights the importance of collaboration between the US and the UK in supporting the sector's economic growth.
UK researchers exhibit cutting-edge cybersecurity products
The findings of the DCMS report coincide with the CyberASAP demo day, where UK academics showcase innovative cybersecurity products to potential buyers.
The government's commitment to supporting the sector's growth and scaling up is demonstrated through various schemes and initiatives. These include the National Cybersecurity Centre Startups and CyberFirst bursary schemes, the London Office for Rapid Cybersecurity Advancement and the Cyber Runway programme.
Skills initiatives, such as the Cyber Explorers youth programme, skills boot camps and the establishment of the UK Cyber Security Council, further contribute to boosting careers in the cyber workforce and ensuring a standardised professional landscape in the industry.
