In the past year, cyber security firms in the UK have reached new heights of investment levels by raising £1 billion in external investment, which is a 25 per cent increase from the previous year.
Considering the pandemic and the resulting shift in people working more remotely, cyber security has become a top priority for many which may have contributed to the elevated growth in the industry.
In the latest financial year, over 1,800 cyber security firms across the UK yielded £10.1 billion in revenue, which amounts to a 14 per cent increase from the previous year – according to the DCMS Annual Cyber Sector Report.
Additionally, the £1 billion investment, secured from 84 deals, comes after the technology sector (as a whole) raised a total of £26 billion in venture capital in 2021.
The growth in the industry also resulted in a further 6,000 jobs being created; despite the challenges presented by Covid remaining one of the biggest concerns in the business, according to 46 per cent of respondents.
Digital Secretary, Nadine Dorries, commented on the growth:
“Cyber security firms are major contributors to the UK’s incredible tech success story.
“Hundreds 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.
“We 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.”
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· Asking an accountant for advice on available funding.
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