Exploring how government and industry are working to help the cyber sector scale, DCMS and techUK have produced the Growing UK Cyber: Cyber Exchange Report 2022 through their Cyber Exchange initiative. It delves into the shared mission of creating the conditions to ensure UK companies can thrive.
The Cyber Runway programme we run with DCMS was referenced within, as was NCSC For Startups, and Plexal is delighted to have been asked to contribute thoughts to the findings, as our CCO Saj Huq said: “Weʼre proud to play our role alongside DCMS in closing the gap between private and public parties to build the cyber ecosystem and enhance our national security.”
The report revealed significant findings, including:
- UK cyber security startups are now worth $30bn
- The UK cyber ecosystem grew faster than top global ecosystems.
- UK cyber security startups raised more than $600m in 2022 YTD – a new record.
- Regions beyond London host some of the of the most promising cyber startups.
- University spinouts represent 18% of combined enterprise value of the UK cyber security ecosystem.
The DCMS’s latest Cyber Security Sectoral Analysis revealed there’s approximately 1,838 UK cyber companies in operation that employ 52,700 people and generate £10.1bn in revenue. And in his foreword, techUK CEO Julian David says: “This growth drives economic prosperity, whilst in turn strengthening our National Security capability, pulling through leading-edge technology, and fostering new talent. This is a virtuous circle.”
He added: “As we move beyond 2022, with heightened threats from both nation state actors and cyber criminals, as well as a more uncertain economic outlook, Government and industry must look to build on these strong foundations by delivering the National Cyber Strategy, ensuring that the UK is the best place to start and base a cyber security company and maintaining the UK’s position as a global leader in cyber security.”
