UK Launches Plan to Boost Cybersecurity Industry Growth
▼ Summary
– The UK government launched a Cyber Growth Action Plan to enhance cyber resiliency and technological capabilities after recent high-profile cyber incidents.
– Independent experts from the University of Bristol and Imperial College London will lead the initiative, with recommendations expected later in 2024.
– The plan includes £16m in new funding for cybersecurity startups and SMEs, split between the CyberASAP and Cyber Runway programs.
– Recent cyberattacks on UK retailers like Marks & Spencer highlight the urgency of strengthening the country’s cybersecurity sector.
– The UK’s forthcoming Cyber Security and Resilience Bill aims to protect supply chains, critical services, and IT providers.
The UK government has rolled out an ambitious Cyber Growth Action Plan aimed at reinforcing national cybersecurity defenses while driving economic expansion in the sector. This strategic move comes in response to escalating cyber threats targeting major businesses, underscoring the urgent need for enhanced digital resilience.
Leading the initiative are cybersecurity specialists from the University of Bristol and Imperial College London’s Centre for Sectoral Economic Performance, tasked with delivering actionable recommendations by summer. Their review will assess the cybersecurity market, analyzing supply and demand for critical services like encryption and protective monitoring, while identifying growth opportunities in emerging fields such as AI and quantum computing. The findings will directly inform the UK’s upcoming National Cyber Strategy, ensuring the country remains at the forefront of global cybersecurity innovation.
The cybersecurity industry is already a powerhouse for the UK economy, generating £13.2 billion in annual revenue and supporting over 67,000 jobs in 2024. To further accelerate growth, the government has committed £16 million in fresh funding to nurture startups and small businesses. A significant portion, £10 million, will bolster the CyberASAP program, helping academics transform cutting-edge research into market-ready solutions. Since its launch, the initiative has spawned 34 spin-out companies, collectively securing £43 million in investments. The new injection aims to create 25 additional startups by 2030, attracting another £30 million in private funding.
The remaining £6 million will fuel the Cyber Runway project, assisting cybersecurity SMEs in scaling operations and entering new markets. Chancellor Pat McFadden emphasized the dual benefits of this investment, stating it would “convert groundbreaking ideas into thriving businesses while strengthening the UK’s cyber defenses.”
This push follows a surge in high-profile cyberattacks targeting major UK retailers, including Marks & Spencer, The Co-op, and Harrods. Linked to the Scattered Spider ransomware group, these breaches caused severe disruptions, with M&S alone facing £300 million in losses due to halted online sales and recovery costs. Speaking at the CYBERUK 2025 conference, McFadden warned that these incidents should serve as a critical reminder for businesses to prioritize cybersecurity.
Looking ahead, the government plans to introduce the Cyber Security and Resilience Bill, focusing on safeguarding critical infrastructure, supply chains, and IT service providers. By combining strategic investment with robust policy measures, the UK aims to solidify its position as a global leader in cybersecurity innovation and economic resilience.
(Source: InfoSecurity Magazine)
