BY Richard Summerfield
2020 was a landmark year for cyber security investment in the UK, according to a new government report from the Department for Digital, Culture, Media and Sport (DCMS).
As the UK workforce became largely remote over the last year due to COVID-19, there were record levels of investment in the cyber security sector. The report notes that more than £800m was invested in the sector in 2020, while the number of active cyber security firms in the UK increased 21 percent with almost 50,000 people now employed in UK cyber security.
The report, which tracked the UK’s cyber security industry across a range of indicators between April 2019 and December 2020, also highlighted a nine percent rise in employment in the industry, with more than 3800 new full-time jobs created, bringing the total number of people working in the sector to 46,683.
“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,” said digital minister Matt Warman, speaking at the CyberASAP online event. “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.”
The report also found that the sector’s total annual revenue continued to rise, by 7 percent, reaching £8.9bn within the most recent financial year. The sector also contributed more than £4bn to the economy – up 6 percent in the last year, with mainly mature firms driving growth.
The 2020 edition of the report also suggested that more than half of firms (54 percent) are now based outside of London and the South East, with cyber security clusters prospering across the country in areas such as Scotland, Northern Ireland and North West England.
Given the gravity of the situation over the last 12 months, it is, perhaps, unsurprising that the cyber security sector has seen such considerable growth. Businesses have seen a marked expansion in the number and type of cyber threats they have had to confront. Ransomware attacks against UK organisations surged during 2020, for example, while phishing attacks also exploded in volume as hackers sought to take advantage of more employees working from home.