UK cybersecurity revenue up 14% on last year to £10.1bn
(2022/02/17)
- Reference: 1645086485
- News link: https://www.theregister.co.uk/2022/02/17/uk_cybersecurity_revenue/
- Source link:
The UK government is claiming a record year for revenue in the cybersecurity sector saying the industry generated £10.1bn.
The figure represents a 14 per cent increase on last year, when total revenue generated by the sector was £8.9bn, according to figures from the Department for Digital, Culture, Media and Sport (DCMS).
The DCMS Annual Cyber Sector Report also revealed that UK-registered cyber firms attracted around £1bn in external investment across 84 deals. It said 1,800 cybersecurity firms 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.
[1]
Digital secretary Nadine Dorries said: "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."
[2]
Last year the government launched [3]a £2.6bn National Cyber Strategy , intended to steer the state's thinking on on offensive and defensive technology up to 2025.
[4]UK, US, Australia issue joint advisory: Ransomware on the loose, critical national infrastructure affected
[5]Vice Society said to be behind digital break-in at UK umbrella and accounting group
[6]Labour reminds UK.gov that it's supposed to be reforming the Computer Misuse Act
[7]Infosec big dogs break out the bubbly over UK government's latest cyber strategy emission
The UK has made its own specific investments in cybersecurity. In 2018 [8]it ploughed undisclosed millions into cybersecurity firm Darktrace, which had [9]links to a [10]Mike Lynch-backed investment outfit, although the association was later disavowed. The company's shares [11]jumped 32 per cent on its 2021 IPO.
In 2020 the UK government was [12]derided on social media following an ad campaign – featuring an Instagram post depicting a dance studio in Atlanta, US – which suggested people should and could switch from arts careers to a job in cybersecurity. The advertisement was later withdrawn.
According to the [13]latest DCMS figures , cybersecurity employment was up 13 per cent last year, with more than 6,000 new jobs created. The total number of people working in the sector hit 52,700. ®
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[1] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_security/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=2&c=2Yg4q2G-hTVHPjxIhr1GNNwAAAAs&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0
[2] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_security/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44Yg4q2G-hTVHPjxIhr1GNNwAAAAs&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[3] https://www.theregister.com/2022/01/28/hpe_multibillion_fraud_trial_mike_lynch_autonomy/
[4] https://www.theregister.com/2022/02/09/uk_us_au_ransomware_warning/
[5] https://www.theregister.com/2022/02/08/optionis_vice_society/
[6] https://www.theregister.com/2022/02/08/labour_computer_misuse_act_reform_questions/
[7] https://www.theregister.com/2022/01/26/ukgov_latest_cyber_strategy_2030/
[8] https://www.darktrace.com/en/press/2018/246/
[9] https://www.thisismoney.co.uk/money/markets/article-10150361/Darktrace-founder-Lynch-sell-895m-stake-lock-finishes.html
[10] https://www.ft.com/content/6cf0cec0-7774-428f-ae83-5bd6479ae9f6
[11] https://www.ft.com/content/325059d4-a24c-4d4c-9fdb-0214179fc822
[12] https://www.theregister.com/2020/10/13/cyberfirst_ads_cancelled/
[13] https://www.gov.uk/government/news/record-levels-of-investment-for-uks-101-billion-cyber-security-sector
[14] https://whitepapers.theregister.com/
The figure represents a 14 per cent increase on last year, when total revenue generated by the sector was £8.9bn, according to figures from the Department for Digital, Culture, Media and Sport (DCMS).
The DCMS Annual Cyber Sector Report also revealed that UK-registered cyber firms attracted around £1bn in external investment across 84 deals. It said 1,800 cybersecurity firms 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.
[1]
Digital secretary Nadine Dorries said: "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."
[2]
Last year the government launched [3]a £2.6bn National Cyber Strategy , intended to steer the state's thinking on on offensive and defensive technology up to 2025.
[4]UK, US, Australia issue joint advisory: Ransomware on the loose, critical national infrastructure affected
[5]Vice Society said to be behind digital break-in at UK umbrella and accounting group
[6]Labour reminds UK.gov that it's supposed to be reforming the Computer Misuse Act
[7]Infosec big dogs break out the bubbly over UK government's latest cyber strategy emission
The UK has made its own specific investments in cybersecurity. In 2018 [8]it ploughed undisclosed millions into cybersecurity firm Darktrace, which had [9]links to a [10]Mike Lynch-backed investment outfit, although the association was later disavowed. The company's shares [11]jumped 32 per cent on its 2021 IPO.
In 2020 the UK government was [12]derided on social media following an ad campaign – featuring an Instagram post depicting a dance studio in Atlanta, US – which suggested people should and could switch from arts careers to a job in cybersecurity. The advertisement was later withdrawn.
According to the [13]latest DCMS figures , cybersecurity employment was up 13 per cent last year, with more than 6,000 new jobs created. The total number of people working in the sector hit 52,700. ®
Get our [14]Tech Resources
[1] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_security/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=2&c=2Yg4q2G-hTVHPjxIhr1GNNwAAAAs&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0
[2] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_security/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44Yg4q2G-hTVHPjxIhr1GNNwAAAAs&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[3] https://www.theregister.com/2022/01/28/hpe_multibillion_fraud_trial_mike_lynch_autonomy/
[4] https://www.theregister.com/2022/02/09/uk_us_au_ransomware_warning/
[5] https://www.theregister.com/2022/02/08/optionis_vice_society/
[6] https://www.theregister.com/2022/02/08/labour_computer_misuse_act_reform_questions/
[7] https://www.theregister.com/2022/01/26/ukgov_latest_cyber_strategy_2030/
[8] https://www.darktrace.com/en/press/2018/246/
[9] https://www.thisismoney.co.uk/money/markets/article-10150361/Darktrace-founder-Lynch-sell-895m-stake-lock-finishes.html
[10] https://www.ft.com/content/6cf0cec0-7774-428f-ae83-5bd6479ae9f6
[11] https://www.ft.com/content/325059d4-a24c-4d4c-9fdb-0214179fc822
[12] https://www.theregister.com/2020/10/13/cyberfirst_ads_cancelled/
[13] https://www.gov.uk/government/news/record-levels-of-investment-for-uks-101-billion-cyber-security-sector
[14] https://whitepapers.theregister.com/
An Embarrassment of Stealthy Riches for Private Pirates to Treasure
amanfromMars 1
Lindsay, Hi,
Another way of interpreting that news is cybersecurity cost the sector and governments £10.1bn last year.
And to imagine that this year it is not going to be considerably more expensive is not realistic given the greater number of vulnerabilities in the sector to exploit.
It is indeed a target rich environment in which the competent can very simply become extremely wealthy, extremely quickly. Indeed, in some appropriate cases, and of which you will hear nothing, from zero to hero in a matter of seconds and few clicks of a mouse.
Translation
Does it translate to materially better salaries? I guess not.