The coronavirus pandemic (COVID-19) has accelerated the global digital transformation and increased the exposure to new cyber threats and system vulnerabilities, making security awareness training more important than ever. The pandemic outbreak in 2020 shifted the work culture from offices to remote and hybrid work setups, leading to a much-needed increase in cyber security spending. In 2021, British companies’ cyber security budgets accounted for 20 percent of the total IT budget, increasing by eight percentage points compared to 2020. At the same time, companies in the United Kingdom invested a total of over one billion British pounds in their cyber security sector, with medium-sized businesses investing the most. Therefore, the goal of cybersecurity investments is not only to protect data from theft and damage but also to make companies more resilient in an increasingly digitized world.
Cyber security professionals
Investing in technologies and cyber security professionals can help mitigate damage by building successful security strategies that protect businesses from attacks before they occur. In 2021, the UK was in the top five countries with the highest number of cyber security professionals globally, after the U.S., Brazil, Mexico, and Germany. It is no surprise that the UK’s cyber security sector has become London-centric. Aside from being the largest city in the country, with a population of more than nine million inhabitants, London is the headquarters of some of the best cyber security companies in the UK, such as: BSI Group, BAE Systems, Framework Security, Risk IQ, Lookout, and many others. Moreover, the highest demand for cyber security professionals is in the greater London area, with the largest population of the country’s full-time employees in the cyber security sector working for large companies.
Cyber security companies
In 2021, there were 1,839 cyber security companies in the UK, with more than one thousand of them being micro firms with up to nine employees. Some of the most common services provided by cyber security businesses were related to network security, endpoint security, as well as threat intelligence, monitoring, detection, and analysis. Despite the increasing importance of the cyber security market and the dependency on cyber security services in a digitalized world, companies in the UK continue to be affected by the uncertainty of the COVID-19 pandemic regarding their long-term goals. Another factor impacting cyber security businesses in the UK in 2022 was related to talent acquisition strategies, with 45 percent of companies currently facing a lack of candidates with the technical cyber security skills needed for the job.
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In the following 5 chapters, you will quickly find the 26 most important statistics relating to "Business cyber security in the UK".