Exciting times. The UK has launched its first cyber security export strategy. Cyber Security is an essential component of the £2 trillion global ICT market, and already worth £123 billion in its own right, growing by over 10% every year. The UK market is conservatively estimated at £3.9 billion, with 2,500 companies operating in the sector.
When it comes to exports, the US is the UK’s top destination, accounting for 31% of business. The UK Trade & Investment (UKTI) export strategy sets out the opportunities for UK businesses to further expand this £805 million export market and outlines government plans to support the UK cyber sector in finding new international customers.
Key actions promoted by the export strategy include:
- creating a UK catalogue of cyber specialists;
- preparing market insight reports on overseas opportunities for UK suppliers;
- developing of clear guidance on exports controls for cyber security products and services;
- ensuring a coherent whole-of-Government approach to working with the sector
According to experts, the threat posed by cyber sabotage is becoming increasingly real. Whilst speaking at yesterday’s Westminster eForum’s CyberSecurity expert panel session, James Quinault, Director, Office of Cyber Security and Information Security, Cabinet Office, warned of imminent, ”deliberate attacks to degrade or destroy critical infrastructure and people’s assets” and clearly stated that maintaining security is essential to businesses’ survival.
Steve Purser, Head of Core Operations, ENISA and Jeff Parker, Director of Projects, International Cyber Security Protection Alliance (ICSPA) spoke at the Westminster e-Forum CyberSecurity event. Philip James, Partner at Pitmans, also spoke on an expert panel at the event, and comments, “One of the prevalent and more positive themes arising from the discussion was that ensuring good security is a business enabler. It creates value and jobs, builds trust and allows organisations to secure and recognise greater revenue from investment in intellectual property and R&D”.
As the global threat increases, so do the conditions for market growth. The UKTI export strategy has been devised to fully develop this opportunity, and will implement its key actions in close collaboration with the UK sector, including with the recently created Cyber Growth Partnership.
To view the UKTI export strategy document, please click here.