The number of active cybersecurity firms in the country surged by 44%, up from 846 firms in 2017 to over 1,200 in 2019, as per the latest report from the U.K.’s Department for Digital, Culture, Media, and Sport (DCMS). The report titled. “The U.K. Cybersecurity Sectoral Analysis 2020”, states the security industry in the U.K. has seen a significant increase in security investments, annual revenue, and employment. According to DCMS, by 2025, it is expected there will be around 75 billion IoT devices in homes globally.
The annual revenue in the cybersecurity sector rose by 46% to an estimated worth of $10.8 billion (approx). The sector received over $452.4 million (approx) of investment last year. The U.K. government introduced legislation to improve the security standards of the consumer IoT (Internet of Things). Launched by DCMS, the law mandates that all the IoT devices sold in the country must adhere to advanced security standards.