UK cybersecurity companies grew their revenues to $12.51bn in 2020, representing a 7% increase from 2019 when that figure was $11.69bn.
That is according to new research from Atlas VPN who tapped researchers from Ipsos MORI and Perspective Economics who used information from the most recent financial year.
The researchers found that 74% of revenue, representing $9.3bn, went to larger firms with more than 250 employees.
“There has never been a better time for innovation in the digital protection sector since the demand for such services and products has sky-rocketed mainly because of the remote working and imposed lockdowns to curb the Covid-19 pandemic,” said Edward Garb, cybersecurity researcher and publisher at Atlas VPN, in a blog.
“Subsequently, Atlas VPN projects that cybersecurity firm earnings in the United Kingdom in the year 2021 will surge past the £10bn ($14.08bn) mark without much trouble, as the digital threats online are projected to thrive amid home working and improving hacking strategies. Therefore, cybersecurity firms will potentially sign a significant amount of new contracts as companies will shift to seek proper digital security solutions for their businesses.”
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