The UK’s cyber security sector has grown by 44 per cent since the announcement of the General Data Protection Regulation (GDPR), it has been revealed.
The figures, published by the Department for Digital, Culture, Media & Sport, show that the industry is now worth an estimated £8.3 billion, compared to £5.7 billion in 2017.
The number of cyber security companies, meanwhile, has increased by 44 per cent from 846 in 2017 to 1,200 in 2019 – equivalent to one new cyber security business being launched in the UK each week.
The growth figures correspond with record investment in the sector, with more than £348 million invested in UK cyber security in 2019 alone.
The statistics come after the launch of GDPR, the new laws designed to crack down on poor cyber security and data controls within firms. Under the legislation, businesses are required to take steps to protect the privacy and security of consumer data, with a focus on transparency, consent and security. Failure to follow the new rules can result in significant fines – up to 20 million euros or four per cent of annual global turnover, whichever is highest.
Despite the growing threat of cybercrime and increased regulation, a recent study found that four in 10 businesses still fail GDPR tests. According to cloud data experts Talend, businesses “failed to address requests” made from individuals seeking to obtain a copy of their personal data as required by GDPR within the one-month time limit set out in the regulation.
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