The UK’s cybersecurity market is now valued as the largest in Europe, with a valuation of more than $7 billion.
Some of the world’s biggest and most important cybersecurity firms are now located within the UK and offer world-class services to firms all over the world. A high density of talent as well as strong investment have helped the UK lead the way in terms of cybersecurity.
While the UK cybersecurity market is the largest in Europe, it’s still growing and there are lots of potential opportunities for new and existing businesses. With the frequency and severity of cyber-attacks growing over the past few years, there is a growing demand for businesses that understand the industry and are able to help prevent attacks.
The Threat of Cyber Attacks
In recent years, the threat of cybercrime has grown as cybercriminals have used increasingly sophisticated techniques to attack targets and steal their data and or funds. This can lead to major issues for companies, including fines as well as the loss of trust and business.
Cybercriminals aim to directly steal passwords, data, or money by taking advantage of security or human flaws. There is a vast range in the size and sophistication of cyber-attacks. Less technically skilled criminals may now commit cybercrime thanks to premade tools that can be bought online. The frequency of these attacks has increased as more criminals realise the potential to make money.
Financially disastrous, unpleasant, and disruptive cyberattacks affect both people and corporations. According to reports, if cybercriminals keep up their current pace, the cost of cybercrime worldwide is expected to rise to $10.5 trillion by 2025.
Aside from the increased threat of cybercrime, the rise of GDPR and other data protection regulations, as well as the migration to cloud computing, have brought new opportunities in this sector. The growing digital economy means there are more businesses than ever online and more areas for cybercrimes to target.
The software for data analytics sector is one of the fastest-growing opportunities in cybersecurity. Data analytics companies such as Palantir deliver software designed to give companies the best data-driven solutions to problems. This can include the cybersecurity sector, with a lot of new software being used to tackle the growing threat of cyber-attacks.
There are many opportunities for growth in the public sector too, with central and local governments now investing heavily in securing citizen data. As more data management is moved online, particularly to cloud-based solutions, there’s a growing need for this to be protected.
Link building agency AWISEE has seen growth in the number of cybersecurity firms in the UK offering solutions to cloud-storage services. Although cloud-based storage is easier and more efficient, it can lead to security problems. This presents an ideal opportunity for cybersecurity professionals looking to establish themselves in the sector.
General Data Protection Regulation (GDPR) is the EU’s new data protection law that governs how companies can use consumer data. It helps safeguard consumers from having their data misused and imposes strict fines on companies that don’t do enough to protect personal data. As a result of this law and of other data protection laws coming into force worldwide, it’s become more important than ever for organisations to store data securely.
The Future of Cybersecurity in the UK
As the digital world continues to change and more of our data than ever is available online, the threat of cyber criminals will grow too. The cybersecurity sector needs to constantly evolve and adapt, and new innovations need to emerge to stay ahead. Continued investment in this area has helped the UK develop one of the world’s most important cybersecurity industries, and this trend is set to continue into the future.