Researchers from the University of Bristol and Imperial’s Centre for Sectoral Economic Performance (CSEP) have released an independent report setting out how the UK can strengthen its cybersecurity sector to fuel both resilience and economic growth.

The independent report, called the UK Cyber Growth Action Plan, said that the sector is on a strong growth trajectory, with jobs rising by 11 per cent and revenue growing 12 per cent in the past year.

Additionally, in 2023-24, the sector generated £13.2 billion in revenue and employed an estimated 67,300 people in over 2100 companies across a range of products and services.

Despite this progress, the report warned that cybersecurity remains undervalued, which leaves significant untapped potential to drive economic growth, strengthen resilience and enhance the UK’s global competitiveness.

The report draws on consultations with around 100 experts in the cyber community.

It said that more can be done to create a culture of cyber awareness amongst civil society in order to harness the relative regional strengths in cyber, as well as improve cyber leadership, utilise procurement to stimulate cyber innovation and use regulation and guidance to support demand-led growth.

The move comes as cyber-attacks are an increasingly common threat rapidly digitalising world, with several high-profile attacks occurring in the UK this year, affecting major retail brands Marks & Spencer and The Co-operative.

The report said these attacks are a serious risk to the UK economy but also present a “major opportunity.”

The UK Cyber Growth Action Plan identifies nine key recommendations and 24 actionable suggestions to build a stronger cyber ecosystem in the UK.

These include making strategic choices about where to focus on technologies and sectors and simplifying and clarifying the roles of government for cyber growth and resilience.

Additionally, the report recommended that more should be done to support businesses at all stages of their growth journeys by providing resources on cyber resilience.

“The cybersecurity sector in the UK has significant growth potential, and there are clear roles for both government and the private sector identified within the UK Cyber Growth Action Plan to contribute to tapping into that potential,” said Nigel Steward, director of the centre for sectoral economic performance at Imperial. “Supporting the sector isn’t just an economic opportunity, it’s essential for our national security and the resilience of businesses, so we at CSEP are very happy to have been able to produce this independent report in partnership with the University of Bristol to support the government’s Modern Industrial Strategy.”

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