List: Money and talent helping this sector to grow.
The UK cyber security industry is developing, with money and talent helping it grow. Here are five reasons things in the sector are looking positive.
As part of his recent Spending Review, Chancellor George Osborne pledged to put £1.9bn into cyber security. Of critical importance to the UK industry was £165m of these will go toward establishing a Defence and Cyber Innovation fund, a considerable boosts to the country’s cyber security start-ups.
Clusters bringing in talent
The UK is getting good at developing, and funding, tech clusters – areas where a variety of similar firms can be based, sharing knowledge and resources. It’s not just London’s Silicon Roundabout either. Europe’s largest technology cluster is in Cambridge, and there are also clusters in Bristol, Bath, and Malvern Hills. This help attracts talent and corporates to areas where firms are based.
Incubators provide start-ups with the time and space to develop their products. They can also play a vital role in connecting this burgeoning firms with mentors, or advisors to sit on their board. Examples include Cyber London, and SetSquared in Bristol.
Investors playing a waiting game
Investors not looking for a quick return is particularly important in cyber security, because firms can take a number of years to conduct the research needed in order to develop their products. Government funding in the early stages could now provide the freedom for this kind of investment.
Protecting a new generation of endpoints
A growing number of UK cyber security firms are focussing on securing IoT devices, so the incoming generation of cars, manufacturing robots, and all many of other appliances are both web connected and safe. For example, MathEmbedded work on securing a variety of consumer devices, as well as automotives and industrial items, while Darktrace has down work with manufacturing firms.