Alexandra Borgeaud
Research expert covering cybersecurity and tech in Latin America
Business cybersecurity in the United Kingdom (UK) - statistics & facts
Beyond being crucial to national security and the good functioning of government and public sector organizations, cybersecurity is also critically important for businesses of all sizes and industries, and the United Kingdom (UK) is no exception. British companies are increasingly prioritizing cybersecurity, with almost one-fourth of IT budget being allocated to cybersecurity in 2023, to protect sensitive data, prevent financial losses, and to ensure business continuity in an increasingly digitized world.
Looking ahead, unless adequate investments are made, the development of increasingly complex technologies and the resulting widened attack surface where cyber intrusions are deployed will most likely further exacerbate UK’s businesses cybersecurity concerns.
A significant workforce, employed mostly by large companies
Investing in technologies and cybersecurity workforce can help mitigate damage by building successful security strategies that protect businesses from attacks before they occur. In 2023, the UK was in the top 10 countries with the highest number of cybersecurity professionals globally, with nearly 370 thousand cybersecurity professionals in the country. That same year, most full-time employees in the cybersecurity sector worked for large companies - an estimated 65 percent nationwide - while micro-sized firms hired the fewest workers. However, there are more micro-sized cybersecurity companies in the UK than any other size. In terms of cybersecurity services provided by companies in the country, over three-quarters of registered cybersecurity firms in the United Kingdom in 2023 offered threat intelligence, monitoring, detection, and analysis services. On the other hand, only five percent of businesses provided Internet of Things (IoT) security services.Cybersecurity policies and challenges
Among all businesses in the UK, around one-third had formal policies covering cybersecurity risks as of January 2024, with large and medium-sized firms having the highest share of respondents mentioning formal policies, 85 and 77 percent, respectively. Among businesses with such policies, 84 percent had policies covering how data is supposed to be stored, while 80 percent had policies regulating what staff are permitted to do on the organization's IT devices. UK businesses also face several cybersecurity challenges. In 2023 survey, almost half of respondents highlighted competition for candidates within the cyber sector as the main obstacle affecting their ability to meet their goals. At the same time, a similar share of surveyed companies was also impacted by the unaffordability of salary demands and by the lack of technical skills among candidates.Looking ahead, unless adequate investments are made, the development of increasingly complex technologies and the resulting widened attack surface where cyber intrusions are deployed will most likely further exacerbate UK’s businesses cybersecurity concerns.
