UK cyber security industry now worth £8.3bn, according to research

According to researchers at Queen’s University, the UK’s cyber security sector is currently worth £8.3bn.

Since 2017, the total revenues have gone up by 46%.

In addition, the sector is showing signs of growth both in terms of the annual revenue generated and employment, and there has been sizeable investment in companies that are in their early stages.

The researchers joined forces with Ipsos MORI, a market research company, and Perspective Economics, an economic and policy advisory practice.

From 2017 onwards, the total number of cyber security firms based in the UK has gone up by 44% – it currently sits at over 1,200.

This growth is equivalent to a new cyber security company being set up in the UK every week.

There are currently 43,000 full-time employees working in the UK’s cyber security sector – compared to 2017, the figure is 37% higher.

The UK cyber security sector’s revenues have reached £8.3bn – this is a 46% increase.

The average revenue per employee is £193,500, which is a 7% increase compared to 2017.

2019 was a new milestone for the UK’s cyber security sector as it saw more than £348m in investment.

In the last four years, more than £1.1bn has gone into the UK’s cyber security industry, which is indicative of a growing confidence in it.

How will the industry fare post-Brexit though?

Experts and IT professionals suggest that Brexit could have a negative effect on its growth.

Cross-border intelligence sharing will be harder, and skilled job seekers will think twice about coming to the UK.

On a global scale, there is a rising demand for cyber security experts.

In the period 2018-2019, the shortages soared by over 100%, with more than 4m unfilled job positions in total.