The UK’s £13.2bn cybersecurity sector is set to be boosted by a new £16 investment and a roadmap for growth, the government has announced.
The Cyber Growth Action Plan has been set out, charting a course for the thriving sector, including the technologies, processes and services designed to protect digital systems, to continue to grow.
The news comes shortly after retail giants M&S and Co-op were hit by huge cyber attacks, which were widely publicised.
Just yesterday, US firm 23andMe was fined by the ICO for a cyber attack and data breach in 2023.
Now, the new plan, led by independent experts at University of Bristol and Imperial College London’s Centre for Sectoral Economic Performance, will examine the strengths of the UK’s cyber sector and provide a roadmap for its future growth.
Up to £16m in new investment will be deployed for two cyber sector programmes to kickstart growth.
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Up to £10m in additional funding will be invested in the CyberASAP programme over the next 4 years, which will support the UK’s academic cyber sector to turn their research into commercial companies.
The programme has already supported the creation of 34 spin-out companies which have raised over £43m in investment and the new funding aims to generate a further 25 spin-outs by 2030, attracting £30m in additional investment.
To build on the work of the government’s current cyber accelerator, Cyber Runway, up to £6m will be also allocated to support cyber startups and SMEs – helping firms scale, access new markets through trade missions and strengthen the UK’s wider cyber ecosystem.
“Cyber security is essential to our economic strength and national resilience,” said cybersecurity Minister Feryal Clark. “Today’s announcement is backed by investment showing we’re serious about making the UK a global leader in cyber innovation and protection.
“Through our Plan for Change, we’re backing the sector to create high-quality jobs through the Cyber Growth Action Plan and ensuring our public services are built on secure foundations with the expert support of the Government Cyber Advisory Board.”
Chancellor of the Duchy of Lancaster, Pat McFadden, added: “Today’s investment will help to turn innovative ideas into successful businesses up and down the country, and the new research will support our mission to grow the economy.
“Recent cyber attacks show just how important it is we foster the development of the sector – delivering the double dividend of high paying jobs as well as strengthening the country’s cyber security.”