UK cyber security firms bring in record £10bn revenue

hacker-2300772_1920The Government is once again bigging up Britain’s tech sector with new data showing more than 1,800 cyber security firms generated a total of £10.1bn in revenue in the most recent financial year, a 14% rise from the year before.

The DCMS Annual Cyber Sector Report tracks the growth and performance of the UK’s cyber security industry and reveals the sector contributed around £5.3bn to the UK economy in 2021, rising by a third on the previous year from £4bn – the largest increase since the report began in 2018.

Employment across the industry rose by 13%, with more than 6,000 new jobs created, opening up new opportunities for people up and down the UK to join the sector and share its wealth. This brings the total number of people working in cyber in the UK to 52,700.

There were 1,838 active cyber security firms in the UK in 2021. More than half are based outside London and the South East, with cyber security showing growth in the North East and East Midlands. The report highlights this move could be a result of remote working increasing regional opportunities.

UK-registered cyber security firms attracted record levels of external investment, with more than £1bn secured across 84 deals by companies including Bristol-based Immersive Labs, which raised £53.5m, and London-headquartered Tessian which secured more than £52m in funding.

Over the past decade, the UK has established itself as a leader in areas including network security, threat monitoring and professional services which has contributed to the sector’s double digit growth last year.

Almost 300 UK-headquartered cyber security firms have offices in international markets, with 56% offering their products and services in the US and 46% exporting to the European Union.

Vistalworks CEO and co-founder Vicky Brock said: “Vistalworks was originally founded in response to a Scottish government innovation challenge to find innovative technology solutions to online illicit trade.

“As we’ve grown, working closely with our government agency and cyber security stakeholders has remained incredibly important.

“The Cyber Runway Scale programme has enabled us to reach new public and private sector contacts, including contracts with banks and enforcement, and has helped us develop the skills and awareness we need to take our intelligence solutions to new markets and partners across the rest of the UK and beyond.”

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